Crypto trading platform Crypto.com has managed to gain entry into the South Korean market after acquiring two local companies.
Payment service provider PnLink Co Ltd and virtual asset service provider OK-BIT Co Ltd are now both arms of Crypto.com’s operations. The companies are registered under South Korea’s Electronic Financial Transaction Act and the Virtual Asset Service Provider certification.
Kris Marszalek, Co-Founder and CEO of Crypto.com, said: “This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”
General Manager Patrick Yoon of Crypto.com’s South Korean branch said that the company’s entry into the market will not only “evolve and empower commerce” but will also drive developments in the web3 space.
Yoon added: “South Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
The latest in Crypto.com’s geographical expansion comes off the back of the firm gaining approval in Singapore, Dubai, Italy, Greece and Cyprus.