Crypto.com buys South Korea’s OK-BIT crypto exchange
Crypto.com, a Hong Kong-based crypto company, has acquired the South Korean exchange OK-BIT. The acquisition is said to be the first time that a foreign crypto business has purchased a Korean exchange.
Crypto.com announced its latest investment on Monday, Aug. 8. This was also the day that the deal involving 100% acquisition of a stake in OK-BIT Co. has been finalized, according to The Korea Economic Daily.
It was reported that as the prices of digital assets and value of crypto exchange platforms are falling around the world, Crypto.com is acting quickly and taking advantage of the massively reduced prices and corporate value of smaller crypto platforms. The company is making its moves by buying these companies and assets at home and overseas.
The company shared it applied for the Electronic Financial Transaction Act and Virtual Asset Service Provider in Korea for registration of OK-BIT exchange with the Korea Financial Intelligence Unit (KoFIU). Since the deal is going smoothly, it appears that the application has been accepted.
“This is an exciting next step for Crypto.com in an important market,” Kris Marszalek, co-founder and chief executive officer of Crypto.com, said in the announcement as the company completes the acquisition of the payment service and virtual asset service provider in South Korea. “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.”
Patrick Yoon, Crypto.com general manager of operations in Korea, further said, “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.”
Yoon added that the country is indeed a hugely important market for Crypto.com in its foray into advancing its blockchain technology. It was said that Hong Kong-based firm has 222 cryptocurrencies listed under it and its trading volume makes up for about a fifth of Upbit’s crypto exchanges.’
Meanwhile, Crypto.com also bought PnLink Co., a payment service provider, to further help in advancing its blockchain business.