Crypto.com Ventures into South Korea with New Services

Expanding its footprint in Asia, Singapore-based crypto exchange Crypto.com gears up for its South Korean debut, two years after its acquisition of local exchange OK-BIT.

In an announcement made on April 2nd via a blog post, Crypto.com unveiled plans to roll out the Crypto.com App exclusively for retail users in South Korea on April 29th. This move marks a strategic effort to tap into the burgeoning Asian market, offering users access not only to cryptocurrencies but also to the increasingly popular realm of non-fungible tokens (NFTs).

Navigating Partnerships

Capitalizing on its acquisition of the OK-BIT platform in 2022, Crypto.com is poised to leverage this infrastructure to penetrate the Korean market effectively. As part of the transition, users of the OK-BIT platform have been duly notified of the cessation of services, effective April 29th, following a 30-day notice period.

“We are excited to bring our services to South Korea, building on the foundation laid by the OK-BIT platform.”- Eric Anziani, President and COO of Crypto.com

Crypto.com’s foray into South Korea unfolds amidst intensifying competition within the local cryptocurrency trading landscape. Rivals like Bithumb have adopted aggressive strategies, including the elimination of trading fees in Q4 of 2023, resulting in a substantial surge in market share from 12% to 40% by February of this year.

For Crypto.com, the South Korean market represents a pivotal component of its global expansion blueprint. With recent milestones such as securing a license for crypto activities in Dubai and obtaining an e-money license from the U.K. regulator, the company’s trajectory underscores its commitment to driving innovation and accessibility within the cryptocurrency space on a global scale.