Popular centralized digital asset exchange Crypto.com has announced the impending launch of its new and improved mobile app in South Korea.
The new app, Crypto.com App, will replace the local crypto exchange platform OK-BIT, which Crypto.com acquired in 2022.
The exchange gave a 30-day notice to users of the OK-BIT that the platform would cease its operations on April 29 2024. The Crypto.com App is scheduled to go live on the same date.
https://t.co/vCNztATkNg App is going live in South Korea on 29 April
Retail users will soon have access to 150+ cryptocurrencies securely and reliablyRegister your interest here: https://t.co/MN6tlRL3Qg
More details: https://t.co/ZJ2JtO1Hc0 pic.twitter.com/xNSnuRgMS2
— Crypto.com (@cryptocom) April 2, 2024
Starting from its launch date, the Crypto.com App will enable retail customers in South Korea to trade over 150 cryptocurrencies and access exclusive non-fungible tokens (NFTs) projects. The app will also serve as an access point for customers to the platform’s educational resources and its Crypto.com University.
Notably, the platform will cater exclusively to retail investors, as South Korean institutions are restricted from investing in cryptoassets.
In their announcement, the Crypto.com team identified the South Korean market as one of “tremendous importance” to the platform’s growth. Patrick Yoon, General Manager of Crypto.com South Korea, stated:
“South Korean crypto enthusiasts are highly engaged with the market and eager for more comprehensive and regulated Web3 products and services. We spent significant time and resources tailoring our offering for this market and are honoured to be the first and largest global cryptocurrency exchange to launch in South Korea.“
Eric Anziani, President and Chief Operating Officer of Crypto.com, also expressed optimism about collaboration with South Korean regulators:
“South Korean regulators are thoughtfully advancing the sector and we look forward to continuing to collaborate with them to help grow the industry responsibly.”
Crypto.com reaffirmed its commitment to compliance with local laws and regulations. The team promised to adhere to high ethical standards, compliance, and risk management in all their operations.
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