The world’s fastest growing cryptocurrency platform, Crypto.com, announced today the completion of its acquisition between Payment Service Provider, ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’.
The move means they have now secured Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea, proving them to “Accelerating the world through cryptocurrency“.
“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.”
“Korea is a tremendously important market for Crypto.com in advancing blockchain technology.” The crypto industry within South Korea is huge, with high comparative levels of crypto adoption tested during the US$40B wipeout of LUNA’s ecosystem, including the UST stablecoin crash, shaking retailers’ confidence.
A step towards the global adoption
This, however, brings them one step closer to brgettingts services to the pro-crypto nation. “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.
The acquisition announcement followed Crypto.com’s receiving in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief