Singapore-based cryptocurrency platform Crypto.com has acquired two startups in South Korea — payment service provider PnLink and virtual asset provider OK-BIT — for an undisclosed amount, Crypto.com said.
The company also said Monday it has secured registrations under South Korea’s electronic financial transaction act and as a virtual asset service provider.
“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies,” said Crypto.com co-founder and chief executive officer Kris Marszalek.
The news marks a shift for Crypto.com, whose CEO Marszalek said in June that it would lay off 260 employees , equivalent to 5% of its workforce, to ensure continued and sustainable growth for the long term.
The Singaporean company, which has more than 50 million users across the globe, says it wants to build a direct relationship with Korean users. South Korea is an important market for Crypto.com in terms of blockchain technology advancement and high-level crypto interests, said Crypto.com’s South Korea general manager Patrick Yoon.
Crypto.com had received several approvals to offer crypto exchange products and services, including in-principle approval from the Monetary Authority of Singapore and provisional approval of its virtual asset license from the Dubai Virtual Asset Regulatory Authority in June, as well as regulatory approval from the Cyprus Securities and Exchange Commission in July.