While the world is seeking answers for Bitcoin’s stability, prices, regulations, and various other topics, South Korea is slowly carrying advancing to be at the numero uno position as far as blockchain and cryptocurrency are concerned. The investments happening in the sector and the number of traditional companies embracing blockchain is rising in South Korea and is sure to make it a leader.
Chaebol (family-owned Korean conglomerates) accepting blockchain
According to a tweet posted out by Joseph Young, South Korean Conglomerates are taking the world head on as far as real investments and advancement of blockchain and cryptocurrency are concerned.
Here’s a brief overview of South Korea’s largest conglomerates going big on crypto:
1. SK (biggest telcom) -> Korbit (exchange)
2. Shinhan (biggest bank) -> Gopax (exchange)
3. Nexon (biggest game developer) -> Bitstamp, Korbit
4. Kakao -> Upbit
5. Samsung -> ASIC manufacturing
— Joseph Young (@iamjosephyoung) October 29, 2018
Some of the projects that are really promising as they are tied up to traditional Korean Conglomerates that have years of experience and goodwill on nurturing technology. Once these projects are fulfilled at best, South Korea will become the most advanced blockchain and crypto nation.
Some of the projects that Joseph has put forward are
- SK Telecom, South Korea’s biggest telecommunications company, investment in Korbit alongside billionaire investor Tim Draper.
- Shinhan Banks investment in Gopax, a leading cryptocurrency exchange. This direct involvement of Shinhan Bank as a lead investor of a major cryptocurrency exchange is seen to be playing a vital role in maintaining favorable relationships between cryptocurrency businesses and financial institutions in the long-term
- Gaming company Nexon’s 65 percent stake in South Korean cryptocurrency exchange Korbit
- Kakao, the Korean internet firm that operates the country’s largest messaging app, entry into crypto after it launched a blockchain-focused business unit and a crypto exchange named Upbit
- Squire, a Canada-based crypto mining firm’s deal with South Korea’s largest conglomerate Samsung to manufacture ASIC chips.
All this development has happened even when the crypto space is currently in a state of flux. The crypto market has had its ups and downs over the past year. It enjoyed a huge bull run starting late 2017 and peaked at over $800 billion market capitalization in early January. But the market has since seen a massive correction. The collective market cap of cryptocurrencies now just hovers at around $200 billion.
With blockchain being all the rage in tech over the past year, the country has also made significant strides in adopting the technology. South Korea is now a major cryptocurrency market. Its top two crypto exchanges – Upbit and Bithumb – are among the top 25 exchanges in the world and combine for a daily trading volume of over $200 million.
South Korea has also looked beyond cryptocurrencies and is pursuing other applications for blockchain technology. The country has effectively reshaped its stance regarding crypto activities, placing itself in a better position to become a major force for blockchain.
Very few nations can claim to match the strides South Korea has taken to embrace blockchain and cryptocurrencies. The country has played the role of a visionary and has created a roadmap for other countries to follow.
What are your thoughts on South Korea’s blockchain and cryptocurrency vision? DO let us know your views on the same.
Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]