Singapore-based Crypto.com has expanded in South Korea via the acquisition of a local exchange and payments platform, two months after it announced a reduction of its workforce.
Crypto.com has acquired South Korean payment service provider PnLink and virtual asset exchange OK-BIT, according to a statement without disclosing the size of the deal. Through the acquisition, Crypto.com has also secured registrations under the country’s electronic transaction act and as a virtual asset service provider.
«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 Crypto.com’s South Korea general manager Patrick Yoon. «Korea is a tremendously important market for Crypto.com in advancing blockchain technology.»
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Crypto.com’s latest expansion marks a shift from June when it announced that it would cut around 260 staff or 5 percent of its workforce. The move to downsize two months ago occurred after the collapse of stablecoin TerraUSD and sister token Luna whose creator, Terraform Labs, happens to also be based in South Korea.
«This is an exciting next step for Crypto.com in an important market,» said Crypto.com co-founder and CEO Kris Marszalek. «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.»
