Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Kryptoplanet CEO grows global crypto community in Seoul
Kryptoplanet CEO Erica Kang speaks during the BUIDL Asia 2024 at a hotel in Seoul, March 27. Courtesy of BUIDL Asia 2024
By Lee Yeon-woo
Who would have imagined encountering Vitalik Buterin, the founder of Ethereum, in a random cafe in Pangyo, Gyeonggi Province? Yet, there he was.
Recently, photos of him working in a cafe in Korea have spread through X, making headlines domestically. People wanted to know why he was here, and what he was doing.
Clearly, he wasn't visiting Korea without a reason. He was invited to deliver keynote speeches at BUIDL Asia, a Web 3 conference held on March 27, and at ETH Seoul, a 3-day hackathon that took place starting March 29.
The invitations were extended by Erica Kang, CEO of Kryptoplanet, who was instrumental in organizing both events.
"The events were supposed to be low-key, yet the photos went viral. The articles explained why he was there. I am thankful for the credit," Kang told The Korea Times during the recent one-on-one interview.
As a community festival for crypto builders, this year's event has hosted various figures in the industry, including Illia Polosukhin, co-founder of NEAR Protocol, Nick White, COO of Celestia Labs, and many more. Kang has been hosting this event in Seoul since 2018.
"I built this brand from scratch. It was so hard at first. Nevertheless, I kept it very strict that the content has to be fully technical," Kang recalled.
Speakers participate on a panel discussion during BUIDL Asia 2024 at a hotel in Seoul, March 27. Courtesy of BUIDL Asia 2024
She gained recognition from different protocols after hosting numerous meetups in Korea since 2017. For three years, she has organized meetups where 50 to 80 people could gather once every month. As the market was nascent, many protocols or builders were not big enough to host their own conferences, making Kang the go-to person for them.
As the meetups grew larger, Kang came up with the idea of consolidating them into a single, larger conference.
"I felt that Asia was missing the 'build' aspect, meaning the technical narrative and technical content. That was lacking, especially in Korea, whereas I saw many of those in the U.S. or Europe. If I host this here, it would be the first one in Asia. It could become a melting pot of diverse people, together on a single platform," Kang said.
Starting from this year, Kang also began hosting the SheFi Summit, a community event for women working in Web 3, in Seoul.
"As this sector is highly innovative, many people assume it would have a significant number of women and a balanced gender representation. However, it is not. The environment can be quite macho, and it's hard to make your way and brand as a woman," Kang said.
Building a community for individuals who share the same values is thereby crucial, Kang said.
Participants line up to register for BUIDL Asia 2024 at a hotel in Seoul, March 27. Courtesy of BUIDL Asia 2024
"Crypto as a whole is new. This ecosystem needs to be built from the ground," Kang said. "Here, communities are everything. Sometimes this industry can feel transactional, very much based on monetary transactions. However, people can create a culture together with the community."
Such characteristics attracted Kang to delve into this industry as well. She first encountered this industry in 2017 while on maternity leave from her previous workplace, KT. She was conflicted about whether to continue working or return to KT, but was fascinated by the nascent nature of the industry.
"Instinctively, I felt I could build a new career here. This industry doesn't care whether I was on maternity leave or not. It was just nascent, and that's the beauty of it. I could do so many things, but they're indefinable in the traditional way," Kang said.
Speaking about the scarcity of Korean players in the crypto industry, she urged them to find a voice and adapt to the rapidly evolving crypto environment.
"As we go through hackathons, we encounter so much talent, even including university students. However, the question remains: why aren’t there significant players from Korea who are actually succeeding?" Kang said.
Kang believes Koreans' tendency towards perfectionism, coupled with "nunchi (awareness of other people's unspoken approval or disapproval)," hinders their progress in the industry. Strict legal regulations also play a part.
"Crypto moves so fast. We live each day at the speed of light. If you hesitate, it's over. You have to execute. Just do it, unless there are legal concerns."