Singapore's Crypto.com to launch mobile app for investors in Korea

Eric Anziani, Crypto.com president and chief operating officer, speaks during a press conference held in western Seoul on Tuesday. [CRYPTO.COM]

Crypto.com, a Singapore-based cryptocurrency exchange, is launching a mobile app for Korean investors, signaling the beginning of its full operations in the country after initially entering the market in August 2022.

The app, which will be available starting April 29, will enable “Korean customers to access global prices in a regulated manner,” said Eric Anziani, Crypto.com president and chief operating officer.

Crypto.com is “the first global player to enter the Korean market in a regulated manner,” Aniziani said.

The comment came on Tuesday during a press conference held in western Seoul.

The app will first offer crypto-to-crypto trading, and later extend its services to won-denominated trading with real-name bank accounts in partnership with local commercial banks.

The timeline for the expansion is yet to be decided, according to the company.

Crypto.com first entered the Korean market by acquiring OK-BIT, a small crypto exchange, in 2022 to gain a license for local operation. OK-BIT halted operations on March 27.

“Rather than seeking a short-term profit, we will initially begin by offering quality products and services in Korea, and gain trust from consumers that our services are safe, convenient and well-validated, in compliance with local regulations,” said Patrick Yoon, head of the Korean operation at Crypto.com.

Founded in 2016, Crypto.com has 14 local offices across the globe with over 80 million users. As of 3 p.m. Wednesday, Crypto.com Exchange’s trading volume over the past 24 hours came in at $1.6 billion, according to CoinMarketCap.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]