Crypto.com Crypto.com Expands in South Korea Despite Market Rout

 

Digital Currency platform Crypto.com revealed acquisitions in South Korea, pushing in advance with expansion in a bet that digital currency and asset markets will recover from this year is rout.

 

The Cryptocurrency platform said on Monday that it had acquired South Korean payment service provider “PnLink Co.” and Digital Currency and Asset Exchange OK-BIT Co., securing registrations under the nation’s Electronic Financial Transaction Act (EFTA) and as a Digital Asset Service provider.

 

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The statement did not reveal the size of the deals or whether Singapore-based Crypto.com faces any other obstacles to be able to offer a full suite of services in South Korea. 

 

 

“We are trying to be able to bring some of our products and services offerings to the South Korean market, and also work with partners in the region that are at the forefront of gaming and entertainment,” Chief Operating Officer Eric Anziani said in an interview.

 

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South Korea is prized by Digital Asset firms because of comparatively high levels of Cryptocurrency adoption. But retail investor faith in the sector was badly shaken by the $40 billion wipeout in the Terraform Labs ecosystem, including the disentanglement of the TerraUSD stablecoin.

 

The collapse and other leveraged blowups contributed to this year is more than 50% slump in the top 100 virtual coins. The Cryptocurrency industry is only just beginning to pick up the pieces of the punishing shakeout.

 

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Crypto.com said in June that it had received in-principal approval from the Monetary Authority of Singapore (MAS) to provide Digital Payment token services in the city-state.

 

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