Popular Singapore cryptocurrency exchange Crypto.com has revealed a number of acquisitions in South Korea. With this, the crypto company is continuing its expansion in a bet that crypto markets will soon recover.
Securing required registrations
Reportedly, Crypto.com now owns the South Korean payment service provider called ‘PnLink Co.’ and the virtual asset exchange called ‘OK-BIT Co.’ taken over. This has secured the necessary registrations under the country’s Electronic Financial Transaction Act and as a virtual asset service provider.
Unfortunately, it has not been disclosed exactly how much money is linked to the deal. It is also unknown if the crypto exchange has any further hurdles to offer their full range of services in South Korea. However, they are now expected to have all the essentials. The exchange said the following:
We are trying to bring some of our offerings to the Korean market and also work with partners who are at the forefront of gaming and entertainment.
High level of crypto adoption
In South Korea, a high adoption of cryptocurrency has become a reality. However, retail investor confidence in the sector was shaken by the $40 billion destruction in the Terraform Labs ecosystem, including the unraveling of the TerraUSD stablecoin. This ultimately resulted in many of the top 100 coins experiencing a drop of 50% or even more.
However, this has not stopped Crypto.com from pursuing their expansion plans. In June, the crypto firm also received an in-principle approval for their activities from the Monetary Authority of Singapore. This allows them to offer their digital payments in the city-state. It is not yet known exactly what crypto.com will do next.