Cryptocurrency platform Crypto.com has forayed into South Korea with two acquisitions — payment service provider PnLink Co. and virtual asset service provider OK-BIT Co., the company said.
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Fast facts
- The Singapore-based company also said it secured registration under South Korea’s electronic financial transaction act and as a virtual asset service provider.
- The company is looking to work with regulators to continue bringing its products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies, said Kris Marszalek, cofounder and chief executive officer of Crypto.com.
- Crypto.com, with over 50 million users worldwide, reduced its workforce in June by about 260 people or 5% of its workforce for “continued and sustainable growth” in the long term.
- The company already has an in-principle approval for a major payment institution license from the Monetary Authority of Singapore, as well as a provisional approval of its virtual asset license in Dubai.
- The company also has a registration in Cyprus from the Securities and Exchange Commission, along with registrations in Italy and Greece.
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