Singapore-based cryptocurrency exchange Crypto.com is gearing up to launch its services in the South Korean market, marking its entry two years after acquiring local exchange OK-BIT. In a recent blog post dated April 2nd, Crypto.com revealed its plans to introduce the Crypto.com App specifically for retail users in South Korea starting April 29th. This move aims to bolster its presence in the Asian market and attract a broader user base. Aside from cryptocurrencies, the app will offer access to non-fungible tokens (NFTs), catering to the growing interest in digital assets beyond traditional cryptocurrencies.
The expansion into South Korea will be facilitated through the OK-BIT platform, which Crypto.com acquired in 2022. Users of the OK-BIT platform have been notified of the cessation of services, effective April 29th, following a 30-day notice period.
Crypto.com’s foray into the South Korean market occurs amidst fierce competition among local cryptocurrency exchanges. Notably, Bithumb, a prominent Korean exchange, waived trading fees in the fourth quarter of 2023 to stimulate trading volumes post the crypto winter of 2023, resulting in a significant increase in market share from 12% in October 2023 to 40% by February of the following year.
South Korea represents another strategic milestone in Crypto.com’s global expansion strategy. The company has been actively diversifying its services worldwide, including securing a license for certain cryptocurrency activities in Dubai in November 2023 and obtaining an e-money license from the U.K. regulator in December of the same year.