Last month, we wrote about Crypto.com after the company received registration from the Organismo Agenti e Mediatori OAM in Italy as a provider of virtual currency and digital wallet services.
The approval allows Crypto.com to offer Italian customers a suite of products and services in compliance with local regulations. The ongoing bear market of cryptocurrencies hasn't stopped the exchange giant from making inroads into new markets.
Today, Singapore-based Crypto.com announced that it has acquired South Korean payment service provider PnLink and digital asset exchange OK-BIT to expand its footprint into the local South Korean market. The exchange made an announcement during the Korea Blockchain Week in Seoul.
The acquisition gives access to the Electronic Financial Transaction Act and Virtual Asset Service Provider registration. The exchange platform got provisional approval to offer services in Singapore and Dubai a few weeks ago.
The Korea Herald said that there were 50 million users and about 15 million people in South Korea with accounts at criptocurrency exchanges, but only about 6 million actively trade.
In countries like South Korea, where consumers have shown strong interest in and adoption of digital currencies, we are committed to working with regulators to bring our products and services to market. Patrick Yoon, General Manager, South Korea ofCrypto.com, 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 Web 3 ecosystem. Korea is a very important market forCryptocurrencies.com in the advancing of the technology. In order to be an industry leader in regulatory compliance, consumer safety, awareness, and protection,Crypto.com remains committed to this milestone. As a safe and regulated platform, Crypto.com looks forward to continuing to build a relationship with Korean users.
Singapore-based Crypto.com was founded in 2016 with a mission to speed up the transition to cryptocurrencies. The startup is working on this goal by developing a portfolio of consumer products, including the Crypto.com Wallet Card App, the MCO Visa Card, Invest,Cryptocurrency Chain, as well as the Cryptocurrency Credit.
Today, over 5 million customers have been served byCrypto.com, the Crypto.com AppCrypto.com App, and the Crypto.com Exchange. Users can buy, sell and pay with the help of the CoinsBTC ETH Litecoin LTC Ripple XRP Binance Coin BNB andCrypto.com Wallet.