Singapore-based crypto exchange Crypto.com has been on an expansion drive, with its latest bet being in South Korea, according to Bloomberg.
Crypto.com has revealed the acquisition of South Korean virtual-asset exchange OK-BIT Co. and payment service provider PnLink Co. in line with the country’s Electronic Financial Transaction Act.
Eric Anziani, Crypto.com’s COO, pointed out:
“We’re trying to be able to bring some of our offerings to the Korean market and also work with partners here that are at the forefront of gaming and entertainment.”
Therefore, Crypto.com’s decision to enter the South Korean market was triggered by the nation’s comparatively high adoption levels of crypto.
Crypto.com has been on an aggressive expansion drive, having secured operating licenses in Italy and Cyprus last month.
With Italy being a crucial economy in the European Union, Crypto.com was delighted to set foot in the nation as this would complement and significantly boost its expansion plans, Blockchain.News reported.
Upon getting the green light to operate in Cyprus, Kris Marszalek noted that Europe was fundamental in the exchange’s expansion plan.
The CEO and co-founder of Crypto.com stated:
“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”
Therefore, Crypto.com’s expansion drive seems to be instigated by recovery plans based on the witnessed crypto winter.
For instance, Bitcoin (BTC) has shed at least 65% of its value from the all-time high (ATH) price of $69,000 recorded in November last year.
The leading cryptocurrency was hovering around $23,672 during intraday trading, according to CoinMarketCap.
Image source: Shutterstock