This new push into the crypto market by various domestic companies is in large part driven by President Yoon Suk-yeol’s stance on cryptocurrencies and virtual asset trading. Unlike the ex-Korean President, Yoon Suk-yeol has a pro-crypto stance and devised plans to encourage domestic investors.
Nevertheless, South Korea’s financial regulator (FIU) established new rules on digital asset platforms, and more than 60 domestic firms failed to meet regulations, leading to their shutdown in September. Their demise appears to have created a void in the domestic crypto trading segment, and several investment firms, including Samsung Securities, are now looking to fill that gap. (via Newspim / CryptoPotato)
Samsung could release its crypto-trading platform early next year
After dozens of domestic crypto firms fell last year, four major exchanges have remained operational, including Upbit, Bithumb, Coinone, and Korbit. Samsung Securities — South Korea’s leading investment firm — is supposedly planning to join the competition and introduce its crypto trading platform in early 2023.
However, of note is that Samsung Securities has entertained this idea before, but the company reportedly failed to secure the necessary talent to materialize its goals. Samsung Securities’ first attempt to enter this business came to a grinding halt last year because the company couldn’t form a team for the task.
Samsung is now reportedly going back to the drawing board and conducting new studies on how to break into the blockchain-based security token business, but time will tell if the tech giant will reach its goals by 2023. Samsung already offers the Blockchain Wallet for Galaxy device users to store their virtual assets securely, but whether or not the company wants to embed its crypto trading platform in its existing digital wallet is unclear.