Chinese Crypto-companies Eyeing South Korea Expansion

China Cryptocurrency Gaming Huobi South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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Chinese cryptocurrency businesses are now targeting the South Korean market as mainland China’s crypto-crackdown stands firm.

Media outlet Ilyo notes that Qtum and “other Chinese cryptocurrencies” are already widely available on numerous Korean exchange platforms – and that another Chinese blockchain company, WaykiChain, is now preparing to move into the South Korean market. The company hopes to drive up South Korean interest in its WaykiChain Coin (WICC) and gaming DApps (decentralized apps).

WaykiChain already has the backing of the Korea Block-Chain Content Association Committee, which has close ties with some of the country’s biggest mobile game developers, as well as the Korea Digital Coin Research Institute.

WaykiChain announced, at a press conference held in Seoul yesterday, that it hoped to introduce in-game betting solutions for the South Korean market, and claimed, “People will be able to use WICC Coin as currency in games, as well as for asset transactions and overseas settlements.”

WaykiChain may well hope to partner with Huobi Korea, a cryptocurrency exchange, which began trading in March this year. Prior to China’s crackdown, Beijing-based Huobi was the biggest exchange in the world, and has previously offered WICC Coin trading on its platforms.

Last month, South Korean game developer NHN Entertainment announced a partnership with China’s OKCoin, a cryptocurrency exchange, resulting in the launch of OKCoin Korea. The new entity, per Global Economics, plans to expand its cryptocurrency exchange services into more diverse offerings for the South Korean market.