A recent survey carried out by Business Korea has discovered that South Korea’s once thriving crypto economy has taken a dramatic down-turn, with up to 97% of South Korean crypto exchanges threatened by bankruptcy.
According to the report produced by one of Korea’s most well-known business and finance journals, only five or six of the country’s crypto exchanges rank in the top 100 globally, and therefore many fail the generate the turnover or see comparable transaction volumes to the larger globally accessed exchanges.
The fact that so many exchanges are struggling is starting to have a negative effect on the crypto start-up scene in Korea, with new Korean crypto innovators increasingly seeking to list abroad.
Just a few years ago, Korea led the way with dynamic projects in both ICOs and blockchain-applications including Futurepia, which last year won 1st place in Switzerland’s prestigious ‘Blockchain Leadership Summit’.
Recently there have been several examples of South Korean crypto starts-up choosing to list of foreign exchanges, especially those based in Singapore. Earlier this year Korean developed BOScoin, for example, opted to list on Bitholic, which is based in Singapore.