Crypto.com, a digital currency platform has announced acquisitions in South Korea continuing its expansion in the hope that the collapse of the digital asset market this year can be reversed, as reported by Bloomberg.
As per Bloomberg, in order to get registrations under the country’s Electronic Financial Transaction Act and as a virtual-asset service provider, the company claimed to have purchased South Korean payment service provider PnLink Co. and virtual-asset exchange OK-BIT Co.
However, the statement omitted information about the deals’ dollar amounts and any additional obstacles Singapore-based Crypto.com would face in providing a complete range of services in South Korea.
“We are trying to be able to bring some of our offerings to the Korean market, and also work with partners here that are at the forefront of gaming and entertainment,” chief operating officer, Eric Anziani, said.
Due to the high level of crypto adoption, firms that deal with digital assets prize South Korea. However, the $40 billion collapse of the Terraform Labs ecosystem, including the demise of the TerraUSD stablecoin, seriously undermined the confidence of retail investors in the industry.
The top 100 virtual currencies fell more than 50% this year due to the meltdown and subsequently leveraged blowups. The industry is still picking up the pieces after the painful shakeout, Bloomberg stated.
In June, Crypto.com reported that the Monetary Authority of Singapore had given it preliminary authorisation to offer services involving digital payment tokens in the city-state.
(With insights from Bloomberg)
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