International crypto exchanges in South Korea are attempting to close the gap on their domestic rivals, with Binance Korea reporting a threefold growth in net capital value since its launch in April.
Per Paxnet, official figures show that that firm’s net assets grew in worth to over USD 2 million, an x3 rise in the company’s initial valuation of USD 539,000 in April – an indication that the exchange appears to have acquired financial backing.
The media outlet quotes an unnamed crypto industry insider as stating that Binance Korea is “yet to start” making a dent in the domestic cryptoasset exchange market.
But the expert says Binance Korea represents an opportunity for some investors as there is currently a paucity of “places to invest a large amount of money” in the domestic market.
The insider added,
“It seems that the growth potential of Binance Korea is being positively evaluated by certain parties.”
The report’s authors quote a Binance Korea official as saying,
“We cannot disclose the details of the company’s stake structure and investors, but it is true that our capital has increased. We will use the funds to strengthen our authentication systems.”
The domestic market is dominated by Upbit and Bithumb, the two largest crypto players in town by quite some distance. Bigger domestic rivals include Korbit and Coinone. A chasing pack behind these four, including the likes of GOPAX and Hanbitco, is trying to close the gap – along with formerly China-based rivals like Binance, OKEx Korea and Huobi Korea.