Crypto.com Acquires South Korean Payment Provider PnLink and Crypto Exchange OK-BIT, CRO Token Up 3.7%
- Crypto.com, which enjoys over 50 million global users, announced it is committed to working together with more regulators to ensure crypto adoption.
- Founded back in 2016, the crypto platform has grown into a respectable DeFi and Web3 innovator.
During the early Asia trading session on Monday, Crypto.com announced that it has acquired payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.. Hereby, the crypto platform has secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea.
Worth noting, crypto.com, which enjoys over 50 million users, announced it is committed to working together with global regulators to ensure crypto adoption.
Kris Marszalek, Co-Founder, and CEO of Crypto.com said,
“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.”
Crypto.com and the Market Outlook
Crypto firms with deep pockets and potential outlooks have taken the initiative to expand during the past year. Furthermore, the crypto market has shrunk together with the traditional financial sector leaving some firms in dire need of support capital.
In this case, Crypto.com is keen on advancing the Web3 industry through strategic acquisitions. Moreover, the South Korean market is heavily invested in technological resources including Samsung.
“We believe our services can not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web3 ecosystem,” said Patrick Yoon, General Manager, South Korea of Crypto.com. “
The company has been approved around the world to operate its crypto-related services. Among them include the Major Payment Institution License from the Monetary Authority of Singapore. Additionally, the company recently received provisional approval for its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.
Not long ago, the crypto platform announced its registration in Italy from the Organismo Agenti e Mediatori (OAM). Additionally, the company is registered in Greece by the Hellenic Capital Market Commission and registered in Cyprus by the Securities and Exchange Commission.
Founded back in 2016, the crypto platform has grown into a respectable DeFi and Web3 innovator.
Notably, the platform provides users with a fast, secure and reliable crypto trading system. Moreover, it has survived two major crypto winters without major technical difficulties; after the 2017 bull market and the current downtrend.
Side Notes
Following the announcement, Crypto.com’s native token CRO has gained over 3.7 percent today. The coin trades around $0.149675 according to our data. Worth noting, that the coin has a market capitalization of $3,786,961,637 and its 24-hour volume stands at $17,055,389.
Ranked at position 27 by market cap, the asset has gained approximately 21 percent in the past 30 days. Otherwise, the asset is down approximately 84 percent from its all-time high recorded nine months ago.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
