Crypto Exchange OKEx Korea Ceases to Support 5 Cryptocurrencies

Crypto Exchange OKEx Korea Ceases to Support 5 Cryptocurrencies

OKEx Korea, an international cryptocurrency exchange, notified in a statement originally made on 10th September that it will cease to support five cryptocurrencies; Monero (XMR), DASH, Zcash (ZEC), Horizon (ZEN) and Super Bitcoin (SBTC). The company will end transaction support on October 10th and the end of withdrawal facility two months later, on 10th December. In the statement made, OKEx Korea claimed that the reason for the termination of support was because the following five…

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Report: LG Seeks to Enter the Crypto Market with Blockchain Phone

Report: LG Seeks to Enter the Crypto Market with Blockchain Phone

The South Korean news outlet IT Chosun reports that the multinational electronics company LG will release blockchain friendly smartphones as part of its next round of launches. Anonymous officials from the company have apprised the local media outlet about a now-concluded market research that the company has conducted, and its preparations to launch a blockchain-oriented smartphone. It was also reported that LG is collaborating with local decentralized application (dApp) developers to come up with marketable…

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Naver’s Subsidiary Line to Offer Crypto Trading Services in Japan

Naver’s Subsidiary Line to Offer Crypto Trading Services in Japan

The renowned South Korean internet company, Naver Corporation, confirmed on Friday that it is ready to spread its wings across the global crypto community. Using its Japanese subsidiary, Line, Naver is targeting the millions of users on the messaging app platform as it makes a move into the highly competitive crypto sphere. Line currently boasts up to 80 million users in its messaging app. Its payment service Line Pay has also experienced a bliss in…

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South Korean Music Titan SM Entertainment to Develop Cryptocurrency

South Korean Music Titan SM Entertainment to Develop Cryptocurrency

South Korea’s biggest entertainment company SM Entertainment revealed that it will be launching its own cryptocurrency in collaboration with the tech organization CTIA Labs. SM Entertainment is popularly crowned as the largest South Korean entertainment company with an estimated annual revenue of $350 million. These figures for public introspection on the company’s official data website Crunchbase. The plan to launch a dedicated cryptocurrency was unveiled at Upbit Developer Conference recently in Incheon, South Korea. The…

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South Korea’s Kakao Considers Listing Klay Cryptocurrency on Chinese Exchange

South Korea’s Kakao Considers Listing Klay Cryptocurrency on Chinese Exchange

The renowned internet company Kakao, known as one of the largest conglomerates in South Korea, is looking to list its cryptocurrency Klay on one of China’s exchanges and add it to its impressive list of products in the financial sector. The conglomerate, which already has an admirable reputation in the financial world, launched its blockchain platform in June, and its subsidiary Ground X is focusing on a possible wallet termed Klip wallet. While the initial…

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South Korea’s Crypto Firms Leave the Country Due to Tough Domestic Regulations

South Korea’s Crypto Firms Leave the Country Due to Tough Domestic Regulations

As reported by BusinessKorea, one of South Korea’s leading business news portal, a new trend of South Korean blockchain projects listing their crypto ventures on foreign exchanges has started to increase significantly in magnitude. Overseas exchanges have now started focusing on the Korean won market to attract more blockchain initiatives from the Asian economic giant. The healthcare data platform Medibloc and the blockchain-based supply chain management Temco are two major South Korean blockchain projects, which…

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Samsung Now Includes Support for Bitcoin & Klaytn in Blockchain KeyStore

Samsung Now Includes Support for Bitcoin & Klaytn in Blockchain KeyStore

South Korea’s tech conglomerate Samsung has discreetly added Bitcoin(BTC)trade and Klaytn blockchain project support to its decentralized app store, Blockchain KeyStore. Samsung has been adding blockchain support and cryptocurrency functionalities to its latest devices such as Samsung Galaxy S10 and Note 10 and their variants. Previously, Samsung has announced built-in blockchain wallet that supports Ethereum (ETH)trade and all other ERC-20 based tokens for its latest range of smartphones. Samsung’s smartphones didn’t support Bitcoin even though…

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South Korean Authorities Move to Seize Full Regulatory Control Over Crypto Exchanges

South Korean Authorities Move to Seize Full Regulatory Control Over Crypto Exchanges

With the justification of helping to protect crypto investors in South Korea, financial regulators have teamed up to create a central system that helps them to completely monitor and control the ins and outs of the South Korean crypto industry. Currently, crypto exchanges in South Korea are subjected to certain regulations through conventional banks. With this new amendment, financial regulators will no longer have to deal with indirect regulation, but have total control of the…

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South Korea’s Capital Seoul Plans to Release its Own Cryptocurrency by November

South Korea’s Capital Seoul Plans to Release its Own Cryptocurrency by November

The capital city of South Korea, Seoul, is aiming to become a blockchain smart city by releasing a native cryptocurrency this year in November, the local crypto news outlet Blockinpress reports. South Korea has following plans to put in place by November: To Make its national blockchain ID system a valid document, which will be accepted by the public services. To launch a blockchain network for managing part-time workers’ contracts, work history, finances and insurance…

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South Korea’s Government Assigns Busan as Blockchain Regulation-Free Zone

South Korea’s Government Assigns Busan as Blockchain Regulation-Free Zone

The South Korean government has recently designated the second-largest city by population in the country, Busan, as a “regulation-free zone” for crypto and blockchain firms, in which they will be able to pursue their developments without worrying about regulations. The government of South Korea is planning to test Busan for “token economy,” where users will be rewarded with digital tokens for their contribution in project developments. It is important to note that cryptocurrency-related businesses will…

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