Gambling, speculation and pricey stablecoins. The South Korean crypto scene is hectic, fast-paced and unique, which is no surprise coming from a country fascinated by technology and digital worlds. (Via CointelegraphZN)
Maybe it’s the language barrier, or the walls authorities have set up to prevent money from leaving the country. But whatever it is, South Korea has built its own unique corner of the cryptoverse that’s unlike anywhere else on the planet.
“They sometimes trade for $20 because they don’t know it’s a stablecoin,” he explains. “They go, ‘You know, it was trading at $10, I bought it because it was pumping… I don’t know, I didn’t read, I just bought.’”The spectacular $60-billion Instead, South Koreans access the internet, chat, search, order food and call for rides using local giants Kakao and Naver.“More than 90% of Koreans are using KakaoTalk every day,” explains Sangmin Seo, who prefers to go by Sam. He’s the representative director of the Klatyn Foundation, Kakao’s blockchain andoffshoot. “Naver is the most dominant search engine in South Korea. Google’s share is about 10%–20% and 70%–80% of the market share for search engines is Naver.
Zerocap analyst Nathan Lenga has researched the South Korean ecosystem in detail and explains there’s a whole other crypto world bubbling in the country. He cites blockchain-based video game and Roblox competitor Zepetto.
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