July 16, 2024

Services for retail traders will be introduced by Crypto.com in the South Korean market.

April 03, 2024
1Min Read

cryptocurrency exchange situated in Singapore Two years after purchasing the local cryptocurrency exchange OK-BIT, Crypto.com is about to begin operations in South Korea.

In an attempt to grow its user base in the Asian market, Crypto.com revealed in a blog post on April 2 that it will be launching the Crypto.com App in South Korea on April 29 for retail users exclusively. In addition to cryptocurrency, users may be able to access non-fungible tokens (NFTs).

The Singapore-based business intends to use the OK-BIT platform, a cryptocurrency trading platform that Crypto.com purchased in 2022, to begin providing services in the Korean market. According to the notification, users of the OK-BIT platform were informed that services will be discontinued on April 29 after being given a 30-day warning.

The launch of Crypto.com in South Korea coincides with increased rivalry among regional bitcoin trading services. For instance, in order to increase trading volume after the 2023 crypto winter, the Korean exchange Bithumb eliminated trading costs in Q4 of 2023. As a result, its market share increased from 12% in October 2023 to 40% by February of current year.

South Korea is a key site for Crypto.com's future international expansion. The firm has been aggressively growing its services around the globe, having secured an e-money license from the U.K. government in December 2023 and a license for certain crypto operations in Dubai in November 2023.

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