According to Bloomberg, the cryptocurrency platform Crypto.com has announced acquisitions in South Korea as part of its ongoing growth in the hopes of reversing the fall of the digital asset market this year.
However, the announcement excluded details regarding the deals’ monetary values and any further barriers Singapore-based Crypto.com would face in delivering a comprehensive range of services in South Korea.
We are 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. Chief operating officer, Eric Anziani, said.
Companies that deal with digital assets appreciate South Korea due of the high degree of crypto acceptance. But the $40 billion failure of the Terraform Labs ecosystem, which also saw the end of the TerraUSD stablecoin, dramatically damaged retail investors' faith in the sector.
Due to the crisis and the leveraged blowups, the top 100 virtual currencies dropped by more than 50% this year. After the terrible shakeout, the sector is still cleaning up the pieces, according to Bloomberg.
In June, Crypto.com stated that it has received preliminary authorization from the Monetary Authority of Singapore to provide services using digital payment tokens in the city-state.
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