Author: Isabelle Yeo
In 2017, South Korea was the third-largest market for Bitcoin transactions and the world’s largest E-coin market with at least 35% of the global trading volume of Ethereum.
South Korean is going head over heels about cryptocurrency. People of all occupation, including homemakers, retirees, fresh grads and white collars have invested in cryptocurrencies. It is estimated that at least 30% of Koreans are spending at least in one form of crypto coins.
In an interview last year, Steve Lim, Chief System Officer of the Korea Cryptographic Exchange, said, “Korean’s investment in cryptocurrencies can already be described as rampant. Some grandfathers rushed into our office lobby and said they wanted to invest $447,000. We asked them how they knew about our exchanges; they said ‘It was a friend who told me that he invested tens of thousands of dollars and made a lot of money. I also want to make a profit, but I don’t know how to use the application or email.”
While the rest of the world is still grasping the new concept of the blockchain, South Korea is known for its rapid acceptance of new technology products. Simon Kim, CEO of Hashed, Korea’s leading cryptocurrency fund said that it is estimated that up to 50% of office workers invest in crypto coins.
More than half of South Korea’s 50 million people perceived virtual currency as real value and the ability to make money through trading platforms. For many Koreans, this is a real tangible asset, and this asset has even reached the level of rampant in the grey market. Many generations have been eccentric about this virtual currency and are readily embracing the future of virtual currency. Therefore, it is not surprising that Koreans are speedily investing in cryptocurrencies.
NHN Corp has collaborated with OKCoin to create an exchange in South Korea that lists up to 60 cryptocurrencies. Chris Lee, the president of OKCoin told South Korea news outlet-News 1-the company currently houses 100 full-time developers and is aiming to evolve into a global cryptocurrency exchange. Lee also said that for OKCoin to expand internationally, South Korea is an essential market for the company to address and penetrate.
Since the late 1990s, Korea has been a leader in research and development of wireless technologies. Therefore, it is not surprising that Koreans are so eager to devote themselves to cryptocurrency and blockchain technology. Multinational Corporations like Samsung have integrated blockchain technology into their businesses, as sustainable projects of the future. This the reason to believe that South Korea will once again become a global indicator of new technologies.
South Korea has also quickly adopted the appropriate technology to allow these currencies to flow seamlessly. Although South Korean regulators have openly expressed their hopes and will soon develop a cryptocurrency regulatory framework, Koreans and corporations have already joined the cryptocurrency’s community. Eventually, the paper currencies will become antiques.
Photo Credits: OkCoin