South Korean crypto exchange Bithumb, currently the world’s sixth largest by daily traded volume, will open a global decentralized crypto exchange, Business Korea reports Oct. 4. Bithumb has partnered with blockchain firm One Root Network (RNT), which has developed an Ethereum (ETH)-based decentralized token transaction protocol dubbed “R1” and already operates a decentralized exchange (DEX). According to a joint press release, the protocol separates order matching and order execution, which RNT claims improves security and matching efficiency. Decentralized platforms enable users to trade peer-to-peer via an automated system; as they do not store clients’ crypto, they are less vulnerable to …

“Traditional” venture capital (VC) investment in blockchain and crypto firms has almost tripled in the first three quarters of 2018, according to a new Diar report published September 30. Diar cites data from Pitchbook that indicates that blockchain and crypto-related firms have raised almost $3.9 billion in VC capital in so far this year — a 280 percent rise as compared with last year. The rise comes not just in terms of an increasing number of deals, but also in the burgeoning median value of each, which has grown by over $1 million this year. VC investment and deal count …

South Korea’s largest venture capital (VC) firm, Korea Investment Partners (KIP), is investing in its first blockchain startup, TEMCO, according to an October 1 press release. KIP is known for its investments in high-ranking firms that include Naver — Korea’s largest search engine, as well as owner of the popular Japanese messaging app LINE — and Korean messaging giant Kakao, among others. Both LINE and Kakao have made multiple inroads into the crypto space, with the former launching its own crypto token and exchange, and the latter establishing its own blockchain subsidiary. According to its official website, TEMCO specializes in …

South Korean cabinet ministers have agreed to exclude digital assets trading companies from venture business classification, Business Korea reported September 27. Back in August, the country’s Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) had already excluded cryptocurrency exchanges from legislation governing venture businesses, Cointelegraph reported. During the recent cabinet meeting held under the Prime Minister Lee Nak-yeon presidency, the government revised the “Enforcement Decree of the Act on Special Measures for the Promotion of Venture Businesses” to exclude all sale and brokerage of digital assets based on blockchain technology from venture business classification. The new amendment is …

South and North Korea may be separated by a border that's only 2.5 miles wide, but the two nations couldn't possibly be more different, at least when it comes to crypto. South Korea has emerged over the past few years as one of the world's major crypto-trading centers, with the BTC-KRW (Korean won) market being the fourth biggest among national fiat currencies. By contrast, most North Koreans have almost zero knowledge of cryptocurrencies, even though their government has been engaging in Bitcoin mining and the hacking of crypto exchanges in a bid to secure an alternative revenue stream. As the …

The crypto market and blockchain sector of South Korea, the third-largest digital asset exchange market in the world behind the United States and Japan, have some of the most robust systems and infrastructure in place to protect investors and facilitate the growing demand for cryptocurrencies. The strong infrastructure of the country’s cryptocurrency market is primarily attributable to the involvement of major multi-billion dollar conglomerates and commercial banks that have assisted the growth of local crypto-related businesses over the past two years. In late 2017, as the valuation of the crypto market achieved an all-time high of nearly $900 billion, interest …

The Korean Ministry of Science and Information Communications Technology (MSICT) has pledged further support to facilitate the growth of the domestic blockchain industry, Business Korea reported September 21. Second Minister of Science and ICT Min Won-ki held a meeting with blockchain startups as part of the government’s effort to establish contact with organizations in what it has dubbed the 10 key ICT sectors of the Fourth Industrial Revolution. The agenda for the meeting was devoted to blockchain pilot projects initiated by the government in order to bolster the blockchain market and improve public services with the investment of 4.2 billion …

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month, local news outlet Yonhap News reports September 19. According to Yonhap, Dunamu already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact date of the Singapore exchange launch remains to be finalized, the firm told Yonhap that the service will go live as of early October. Kim Kook-hyun, head of Upbit's existing Singapore branch, is quoted as saying that: "As Singapore has proactively supported blockchain technology, our …

South Korea’s LG UPlus, a mobile carrier owned by the country’s fourth largest conglomerate LG Corp., is launching a blockchain-based cross-carrier overseas payment service, Korea Times reports today, September 16. Last Thursday, September 13, LG UPlus had signed an MoU to develop the new service alongside three global partners: Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft. Through the new service, users of one telecoms carrier will be able to frictionlessly complete transactions on the payment networks of another. According to the Korea Times, the first trial of the LG UPlus partners’ blockchain-based cross-carrier payment system (CCPS) is slated …

The Korea Customs Service has signed an agreement with Samsung SDS to deploy blockchain technology for its customs clearance system, according to a press release published September 14. Samsung SDS, the IT arm of electronics giant Samsung, will develop a blockchain-powered platform based on Nexledger, which will be used for export customs logistics services. Nexledger is a blockchain platform designed to provide an integrated solution to businesses looking to reduce expenses while managing digital financial transactions and data exchange. The new product is reportedly aimed at organizations active in export operations, enabling them to streamline and secure document sharing at …

South Korea’s central bank, the Bank of Korea (BoK), has cautioned of another possible widening of the gap in crypto prices between local and foreign exchanges, local news agency No Cut News reported September 11. In the report, the bank warned the public about another possible emergence of the so-called “kimchi premium,” a phenomenon consisting of the difference between the prices of crypto at South Korea’s exchanges and crypto exchanges abroad. The kimchi premium is reportedly mainly seen in terms of Bitcoin (BTC) price. Kim Dong-sup, the official behind the bank’s payment systems research team, has claimed that the “kimchi …

An official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation, local news outlet Asian Economic TV reports Friday, September 7. Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday, September 6, and attended by officials from 15 countries. The South Korean official stressed that country's main aim is to "improve transparency in transactions to prevent illegal activities." As Asia Economic TV reports, Yoon Suk-Heun urged …