Crypto.com acquires South Korean tech startups to expand its footprints in Asia and take on local giants
Late last month, we wrote about Crypto.com after the crypto exchange startup received registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services.
The approval enables Crypto.com to offer a suite of products and services to Italian customers in compliance with local regulations. The ongoing crypto bear market has done little to stop the crypto exchange giant from making inroads into new markets.
Today, Singapore-headquartered Crypto.com announced it has acquired South Korean payment service provider PnLink and digital asset exchange OK-BIT to expand its footprint into the local South Korean market. The exchange made the announcement during the Korea Blockchain Week in Seoul.
The acquisition also gives Crypto.com access to crypto and payments registration called Electronic Financial Transaction Act and Virtual Asset Service Provider registration. The announcement comes a few weeks after the exchange platform gained provisional approval to offer services in Singapore and Dubai.
Crypto.com now has a total of 50 million users and about 15 million people in South Korea hold accounts at crypto exchanges but only about 6 million actively trade, according to Korea Herald.
“This is an exciting next step for Crypto.com in an important market,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “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.”
“We believe our services can not only help further evolve and empower commerce in Korea, but also support the greater creation and development of our Web3 ecosystem,” said Patrick Yoon, General Manager, South Korea of Crypto.com. “Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
In achieving this milestone, Crypto.com remains committed to its mission of being an industry leader for regulatory compliance, consumer safety, awareness, and protection. Crypto.com looks forward to continuing to build a direct relationship with Korean users as a secure and regulated platform.
Founded in 2016, Singapore-based Crypto.com is a pioneer of payments and cryptocurrency with a mission to accelerate the world’s transition to cryptocurrency. The startup is working towards this goal with its portfolio of consumer products, including the Crypto.com Wallet & Card App, the MCO Visa Card, Crypto Invest, Crypto.com Chain, as well as Crypto Credit.
To date, Crypto.com now serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, and the Crypto.com Exchange. The Crypto.com Wallet allows users to buy, sell, and pay with cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), and Crypto.com’s MCO and CRO Tokens.