In the process of expanding its relevance in the global crypto community, U.S based crypto trading platform PayBito will be offering its acclaimed white-label crypto exchange platform to a significant fintech enterprise in South Korea.
PayBito has since been collaborating with financial enterprises across nations with a universal strategy. In its latest collaboration, PayBito is set to offer its crypto exchange solutions to a major fintech enterprise in the South Korean market.
PayBito Objective of South Korea
According to PayBito Chief and blockchain pioneer Raj Chowdhury, South Korea is a prominent player in the global crypto community, and the collaboration will be a progress to extend service offerings.
“South Korea is emerging as a major player in global crypto-economics. The collaboration is a step forward to expanding horizons and contributing to further digital asset development,” said Chowdhury.
PayBito is a cryptocurrency asset trading platform operating globally. It offers primarily crypto-based services that include a white-label cryptocurrency exchange, white-label payment gateway, exchange affiliate, and coin listing.
The platform’s latest expansion to South Korea is to boost its global recognition while also fostering the growth of the South Korean crypto community. Raj Chowdury noted in a statement, saying, “The collaboration will lead to a positive change in the South Korean crypto community, powered by trust and transparency.”
South Korea Growth in The Global Crypto Community
Notably, South Korea is one of the countries in the globe with an apparent increase in crypto adoption. The country owns high competition within crypto exchanges (over 20) for an increase in market share.
Though the country is yet to legalize cryptocurrencies as financial products, more than 10% of its citizens already utilize cryptocurrencies, and over 150 online businesses accept them as a means of payment.
Overall, the country appears to have more people enthusiastic about trading and owning cryptocurrencies. In May, the government of South Korea announced it would be investing in Metaverse projects starting with $177.1 million.
While the country’s prosperity in the global crypto community is so far reflecting success, another point worth noting is that even the President appears to be a fan of cryptocurrency, insisting on softer crypto taxation rules.
In July, the South Korean Government disclosed its decision to delay the idea of virtual assets’ taxation until January 2025 (almost 18 months) – a move that is said to be a relief to crypto enthusiasts as the government is keeping an eye on the current market situation.