Cryptocurrency platform Crypto.com has made a pair of acquisitions in South Korea, giving it the rights to operate and operate as a virtual-asset service provider.
According to a press release, Crypto.com has acquired payment service provider PnLink and virtual asset service provider OK-BIT. This has granted the company a Virtual Asset Service Provider registration under the country’s Electronic Financial Transactions Act.
The announcement neglected to reveal the size of the deals or whether the crypto platform faced any further hurdles to offer the full suite of services in South Korea.
“Korea is a very important market for Crypto.com in advancing blockchain technology,” said Patrick Yoon, South Korea’s general manager of Crypto.com. “We believe that our services can not only help further develop and empower commerce in Korea, but can also support the greater creation and development of our Web3 ecosystem.”
Coming on the heels of a string of recent worldwide acceptances, Crypto.com has also been beset by the current market turmoil. Last month, in addition to registration in Greece from the Greek Capital Markets Commission, and in Cyprus from the Securities and Exchange Commission, it received regulatory approval as a VASP from the Italian watchdog organization Organismo Agenti e Mediatori (OAM).
Earlier in June, it received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in the city-state.
Meanwhile, Crypto.com has also been hit by the downturn in the cryptocurrency markets during the year so far and has had to reduce its headcount.
While the layoffs affected only 5% of their workforce, rival crypto platforms BlockFi and Coinbase had to cut their workforce by 18% and 20% respectively, with the latter also scrapping offers made to potential employees. Gave.
Coinbase chief executive and co-founder Brian Armstrong said he believes the company has grown too fast and is to blame for at least some of its problems.