Singapore-based cryptocurrency exchange Crypto.com enters South Korea through acquisitions – TechCrunch


Singapore-based cryptocurrency platform Crypto.com has acquired two South Korean startups – payment service provider PnLink and virtual asset provider OK-BIT – for an undisclosed sum, Crypto.com said.

The company also said on Monday that it has secured registrations under South Korea’s Electronic Financial Transactions Act and as a virtual asset service provider.

“We are committed to working with regulators to continue bringing our products and services to market, especially in countries like South Korea, where consumers have shown strong interest and adoption of digital currencies,” said the Crypto.com co-founder and CEO. Chris. Marshallek.

The news marks a change for Crypto.com, whose CEO Marshallek said in June that he would laid off 260 employeeswhich equates to 5% of its workforce to ensure continued and sustainable growth in the long term.

The Singapore company, which has more than 50 million users worldwide, says it wants to build a direct relationship with Korean users. South Korea is an important market for Crypto.com in terms of the advancement of blockchain technology and high-level crypto interests, said Crypto.com South Korea General Manager Patrick Yoon.

Crypto.com has received several approvals to offer crypto exchange products and services including approval in principle from the Monetary Authority of Singapore and provisional approval of its virtual asset license by the Dubai Virtual Asset Regulatory Authority in June as well regulatory approval from the Cyprus Securities and Exchange Commission in July.

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