Crypto.com, a prominent Singapore-based cryptocurrency exchange, is gearing up to introduce its services to the South Korean market, marking a significant expansion move two years after acquiring local exchange OK-BIT.
In an official blog post dated April 2, Crypto.com unveiled its plan to launch the Crypto.com App specifically tailored for retail users in South Korea on April 29. This strategic initiative aims to bolster the platform’s presence within the Asian market while providing users with access to a diverse range of offerings, including cryptocurrencies and non-fungible tokens (NFTs).
The entry into the South Korean market will be facilitated through the utilization of the OK-BIT platform, which Crypto.com acquired in 2022. As part of the transition, users of the OK-BIT platform have been duly notified of the cessation of services, effective April 29, following a 30-day notice period, as outlined in the announcement.
Eric Anziani, President, and Chief Operating Officer of Crypto.com expressed optimism about the venture, emphasizing the company’s commitment to collaborate with South Korean regulators to foster responsible growth within the cryptocurrency industry. He noted, “South Korean regulators are thoughtfully advancing the sector, and we look forward to continuing to collaborate with them to help grow the industry responsibly.”
Crypto.com’s foray into the South Korean market occurs against the backdrop of intensified competition among local cryptocurrency trading platforms. For instance, Bithumb, a prominent Korean exchange, implemented a strategic move to remove trading fees in the fourth quarter of 2023, aimed at revitalizing trading volumes following the crypto market downturn. This initiative led to a significant surge in Bithumb’s market share, from 12% in October 2023 to 40% by February of the following year.
The expansion into South Korea aligns with Crypto.com’s broader global expansion strategy. The company has been actively diversifying its services worldwide, securing licenses for specific crypto activities in Dubai in November 2023 and obtaining an e-money license from the U.K. regulator in December of the same year.
Overall, Crypto.com’s entrance into the South Korean retail market underscores its commitment to strategic growth initiatives, leveraging acquisitions and regulatory compliance to expand its foothold in key markets worldwide.
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