Crypto.com grows in South Korea following major acquisitions

To increase its presence in South Korea, cryptocurrency exchange Crypto.com announced that it had acquired two firms there. The acquisitions will allow Crypto.com to offer a wider range of services to its customers in South Korea.

Crypto.com is a Hong Kong-based cryptocurrency exchange that was founded in 2016.

The exchange offers trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Crypto.com also offers a mobile app that allows users to buy, sell, and store cryptocurrencies.

on the 8th of August, the firm reveals that it acquired South Korean payment service firm PnLink and virtual-asset exchange OK-BIT.

The purchases allow Crypto.com to have registrations with the Electronic Financial Transaction Act in South Korea, as well as operate as a virtual-asset service provider.

Crypto.com plans to use the PnLink and OK-BIT acquisitions to expand its presence in South Korea and offer; a wider range of services to its customers. Crypto.com CEO Kris Marszalek says:

“The acquisitions of PnLink and OK-BIT allow Crypto.com to fast-track our expansion plans in South Korea. Crypto.com is committed to providing the most convenient and secure way to buy, sell, and use cryptocurrencies, and these acquisitions will help us achieve this goal in South Korea.”

While speaking on this latest development, Kris Marszalek, Crypto.com’s co-founder and CEO, says;

“We want to work with regulators so that we can continue to bring our products and services to market. This is especially important in countries like South Korea, where many people have shown a strong interest in using digital currencies.”

According to Crypto.com’s general manager of operations Eric Anziani, the firm is attempting to enter South Korea. And collaborate with industry leaders there that are at the forefront of gaming and entertainment.

Crypto.com was launched in 2016 and is one of the world’s most prominent cryptocurrency exchanges. The firm has licenses in Singapore, Dubai, Italy, Greece, and Cyprus, with more than 50 million customers across the world.

Exchanges that deal in cryptocurrency are known to buy small businesses in the countries where they plan to operate. Crypto.com also obtained a license in Malta last year by acquiring local startup Monaco.

Crypto.com’s expansion into South Korea is part of the company’s wider Asia-Pacific strategy. And the firm has plans to set up offices in Hong Kong and Singapore later this year. Crypto.com is also one of the first companies to be issued a digital banking licence in Hong Kong.

In the United Kingdom, Binance and Bitpanda acquired small firms that operated under the Financial Conduct Authority’s anti-money laundering regulations. As a result, crypto exchanges may operate lawfully in the UK.

Patrick Yoon, General Manager, South Korea of Crypto.com, also states that;

“We believe our services will not only help further evolve and empower commerce in Korea but also help the overall growth and development of our Web3 ecosystem. To promote blockchain technology, Korea is a crucial market for Crypto.com.”

The crypto exchange states that it has already received in-principle approval. From the Monetary Authority of Singapore for a prominent Payment Institution License.

And interim approval from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset License, and a few other authorities.

Crypto.com is currently operational in 180 countries, with more than 2 million monthly transacting users. Crypto.com has announced its expansion into South Korea following key acquisitions in the country.

The cryptocurrency exchange says it will be launching its services in South Korea later this year. After acquiring a majority stake in local firm AD4th Insight, a provider of big data analysis and marketing solutions for cryptocurrency companies.

Crypto.com will also be partnering with Bithumb, one of the largest cryptocurrency exchanges in South Korea. To offer its services to Bithumb’s global user base.