Global crypto companies roll out expansion plans for Korea following Blockchain Week
Ripple CEO Brad Garlinghouse, right, speaks during a press meeting at a hotel in Seoul, Tuesday. Courtesy of Ripple
Global crypto companies are announcing major partnerships during Korea Blockchain Week (KBW) 2024, driven by the country's enthusiasm and growth potential in the Web 3.0 sector.
One of the most notable examples is Ripple, a first-generation altcoin widely popular in Korea. Ripple's CEO, Brad Garlinghouse, said the company aims to capitalize on opportunities in Korea, which he described as a massive market.
He mentioned that a large portion of Ripple transactions facilitated by exchanges take place in Korea and Japan. He also highlighted strong retail enthusiasm and abundant liquidity as Korea's key advantages.
Ripple is actively exploring opportunities in custody services, particularly through partnerships with commercial banks such as Hana Bank.
At the same time, it announced that Yonsei University has joined its blockchain academic research program, the University Blockchain Research Initiative. It also hosted a hackathon in Seoul on Sunday, following the launch of its Korea fund in June, to foster innovation in the blockchain market.
"We are doubling down on this region and will continue to do so," Garlinghouse said on Wednesday during his speech at KBW 2024.
BitGo CEO Mike Belshe speaks to reporters during Korea Blockchain Week 2024 at Grand Walkerhill Seoul, Tuesday. Courtesy of Factblock
BitGo CEO Mike Belshe also announced that Hana Financial Group and SK Telecom have become major shareholders and strategic partners in BitGo Korea, which was established earlier this year.
These entities stated that the strategic partnership marks a significant step in the institutionalization of digital assets.
BitGo Korea could provide the infrastructure for the custody of underlying assets related to financial products, such as security token offerings, real-world assets and exchange-traded funds, the company said.
"BitGo will actively bring its cutting-edge technology and operational expertise developed in the global market to contribute to the institutionalization of digital assets in Korea while prioritizing user protection," said Lee Young-ro, the newly appointed CEO of BitGo Korea.
Alex Blania, left, CEO of Tools for Humanity, and Noah Kim, its global financial controller, speak during a press meeting at a bar in Seoul, Tuesday. Courtesy of Tools for Humanity
Alex Blania, CEO of Tools for Humanity, the company behind Worldcoin, visited Korea for the first time and held several press meetings. He introduced the Worldcoin project and addressed misconceptions about it in the Korean market.
Additionally, Blania signed an agreement with the American Chamber of Commerce in Korea to help businesses benefit from AI in a safer operational environment.
"Korea is a truly unique market, with sustained strong interest in digital assets," said Jeon Seon-ik, founder and CEO of Factblock, a co-organizer of the event. "This year, the daily trading volume of cryptocurrencies has exceeded that of the KOSPI, and in Bitcoin trading, the amount of Korean won has even surpassed the U.S. dollar."
He added, "In terms of both scale and participation, Korea plays a crucial role on the global stage."