Samson Mow, the chief executive at Jan3, recently spoke to Forbes about the latest Bitcoin halving and its potential to catalyze what he refers to as the “Omega candles” – significant price movements that could elevate Bitcoin to the $1 million mark. According to Mow, halvings ensure a controlled distribution of Bitcoin, maintaining scarcity and value. Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End The Mechanics Of Halving And Its Market Implications Samson Mow detailed in the interview with Forbes the mechanics behind Bitcoin halvings—a critical process built into Bitcoin’s framework by its creator, Satoshi Nakamoto. Omega Candle in sight! Omega Candle in sight! The #halving is proof that this system works, but it also means a supply shock is coming for any parties looking to buy large amounts of #Bitcoin. Check out @Excellion‘s comments on the recent halving in this @Forbes article by… pic.twitter.com/xp23ulxQIJ — JAN3 (@JAN3com) April 22, 2024 This mechanism is designed to halve the block rewards given to miners every 210,000 blocks, or approximately every four years, reducing the reward by 50%. So far, the most recent halving has reduced the reward for mining from 6.25 BTC to 3.125 BTC per mined block. However, initially, miners received 50 BTC per block. Still, due to the halvings, this amount has decreased over time to manage inflation and extend the mining lifecycle of Bitcoin’s capped supply of 21 million coins. If not for these halvings, the total supply of Bitcoin would have already been mined. In the same discussion, Mow highlighted the significant impact of newly approved spot-based Bitcoin ETFs, which received SEC approval earlier this year. He believes these ETFs, combined with the reduced block rewards from the halving, could precipitate a “supply shock” in the BTC market. Mow further speculated on the occurrence of what he calls “Omega candles”—large price movement events in the Bitcoin market. He noted that even before the recent halving, the daily demand for Bitcoin was significantly outstripping supply, predicting these Omega candles as almost certain events due to their high volatility and substantial price changes. Mow views these developments as marking the beginning of a new era for Bitcoin, coinciding with its next, or fifth, halving in the coming four years. Bitcoin Bright Future And Market Performance Regarding positive sentiment on Bitcoin, Geoff Kendrick of Standard Chartered also supports this bullish outlook, projecting substantial inflows into BTC akin to those experienced by gold with the advent of gold ETFs. Kendrick suggests that the maturation of the spot ETF market could channel between $50 and $100 billion into BTC. However, despite the post-halving price not reaching the anticipated heights, BTC has demonstrated resilience and potential for considerable growth. Meanwhile, analysts remain confident, predicting significant long-term value increases. For instance, Michael Sullivan’s analysis suggests a possible reach of $245,000 by 2029 if BTC maintains a 30% compound annual growth rate, underlining the optimistic projections shared by several market experts. Related Reading: Bitcoin Price Extends Increase, Why Dips Turned Attractive In Short-Term This optimism is further supported by recent trends, including a 7.1% increase in Bitcoin’s price over the last week, which indicates a possible recovery on the horizon. Featured image from Unsplash, Chart from TradingView

FLOKI and BONK had remarkable growth over the weekend after recovering from the Bitcoin dip at the end of last week. These tokens have been some of the hottest topics during this bull run, with FLOKI and BONK increasing by over 500% and 87%, respectively. Recently, both memecoins were listed on the European neo bank and retail platform Revolut, but the news didn’t appear to have a massive impact on the tokens. However, the projects’ most recent announcements have seemingly made them soar in the past hour. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished FLOKI And BONK To Take Over Europe The projects announced their listing on Revolut on Monday. The new listing expands the reach of FLOKI and BONK to a broader audience, as the platform is available to 40 million users in over 150 countries. #FLOKI just got listed on Revolut, the biggest neobank and retail trading app in Europe! This listing will make $FLOKI accessible to @RevolutApp’s 40 million+ users in 150+ countries who will be able to buy FLOKI with 25+ fiat currencies including GBP, EUR, USD and more. Users… pic.twitter.com/Hy62VJw2w4 — FLOKI (@RealFlokiInu) April 22, 2024 Moreover, the listing will allow users to buy the tokens with 25 fiat currencies, including EUR, GBP, and USD, directly from the Revolut app. Per the BONK X post, users in Europe and eligible countries will also have access to a Learn and Earn program starting on April 29. Crypto trader Altcoin Gordon weighed in on the matter, telling his 458,000 followers that the listing was “pretty BIG.” According to Gordon, it will allow the tokens to compete with Dogecoin (DOGE), Dogwifhat (WIF), PEPE, and Shiba Inu (SHIB). Despite the announcement, the tokens performed modestly after the news. FLOKI’s price increased 2% in the following hour, trading at $0.0001778. Nonetheless, the token dropped 5.3% hours later to trade at $0.0001693. Meanwhile, Bonk’s price increased by 3.7%, trading at $0.0002069 before facing a 3.4% dip to the $0.0001990 level. Similarly, both tokens have seen a decrease in daily activity in the past 24 hours. FLOKI’s daily trading volume fell a staggering 31.6%, while BONK’s trading volume dropped over 51%. New Announcements Boost Prices On Tuesday morning, FLOKI was trading at $0.0001727, representing a modest 0.4% gain from the token’s price 24 hours prior. On the other hand, BONK traded for $0.00002019, a 2.6% price decrease from the day before. However, the project’s most recent announcements have positively impacted the tokens’ prices. FLOKI announced that the decentralized platform Alltoscan locked $18 million worth of $ATS for 15 months using the project’s crypto locker protocol, FlokiFi Locker. Alltoscan has just secured over $18,000,000 worth of $ATS tokens for a 15-month period using #Floki’s advanced crypto locker protocol, #FlokiFi Locker!@alltoscan is developing an open-source block explorer compatible with all rollups, enabling users to inspect their L2… https://t.co/RBc0nGnrJr — FLOKI (@RealFlokiInu) April 23, 2024 The news appears to have been well-received by the community. Seemingly fueled by the positive sentiment, the token rose 5.5% in the last hour. Similarly, FLOKI now surged 11.2% from 24 hours ago. Meanwhile, BONK announced renowned artist JT Liss as “The Dog’s Director for BONK Art Masters.” JT is set to lead Bonk’s BAM residency program and the Creator Grants program “to help provide more opportunities for artists in the Solana ecosystem.” Following this news, the token increased by 4.3% in an hour and over 5.6% from its price 24 hours ago. At the time of writing, BONK is trading at $0.00002164. Related Reading: Bitcoin Price Extends Increase, Why Dips Turned Attractive In Short-Term FLOKI is trading at $0.0001921 in the weekly chart. Source: FLOKIUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

On Tuesday, Jack Dorsey, the founder of Block, took to X to announce that the company is “building a mining rig.” Dorsey also shared a blog post authored by Block’s lead for mining hardware products, Naoise Irwin. The post revealed enhancements in the chip design, upgrading from the initially planned 5-nanometer (nm) process to an […]

XRP has shown notable signs of renewed bullish momentum in the market. It bounced back from a significant 11% price drop on April 12th, which took the token to its lowest level of the year at $0.4230.  However, last week saw a solid 12% price recovery, with XRP outperforming the other top 10 altcoins in the market, behind only Solana (SOL) and Binance Coin (BNB).  Signs Of A Strong Bullish Trend Ahead For XRP?  On Tuesday, XRP hit a high of $0.5571, demonstrating its bullishness and outperforming its peers. This resurgence was paired with a spike in wallet activity, a positive sign for the token’s overall market sentiment.  According to the network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has steadily increased over the past six weeks, rising by 3.1%. It is now just one wallet away from reaching an all-time high (ATH). Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End In addition, crypto analyst Ali Martinez reported a notable buying spree among XRP whales, who purchased over 31 million tokens in the past week alone. This has contributed to the cryptocurrency’s price recovery, emphasizing renewed confidence in its uptrend prospects. Regarding price action, market analyst Egrag Crypto points out that XRP has formed a double bottom pattern, considered a strong bullish signal. This pattern, combined with the transition of the consolidation zone into a supply zone and the wicking area into a demand and accumulation zone, indicates a promising outlook for the token, according to the analyst.  Egrag Crypto is confident that a significant price spike or “thrust” is imminent, and the analyst has updated his target to $1.4 for XRP.  Critical Resistance Levels To Watch  Despite initial bullish outlooks for XRP, the token has retraced to the $0.5474 price level as of the time of writing, accompanied by a 14% decrease in market capitalization over the past 30 days. Moreover, as XRP aims to reach higher levels, potential resistance barriers may impede the token’s recovery and the bullish trend. Analyzing the XRP/USD chart below reveals the immediate resistance at $0.5644, which has prevented consolidation above current levels for the past week. Related Reading: The Cardano $1 Dream: Is A Price Explosion Coming Or Just Deja Vu? After that, the final obstacle before a retest of the $0.600 zone lies at the $0.5884 level. This level previously served as a support floor for the token, leading to a rebound during the uptrend seen in March, which took XRP to its yearly high of $0.745. Conversely, monitoring the support levels at $0.52910, $0.5184, and $0.5044 is crucial. If a bearish scenario develops in the coming days, these levels may prevent XRP from falling below $0.500. Featured image from Shutterstock, chart from TradingView.com

Two lead attorneys for the U.S. Securities and Exchange Commission (SEC) in the case against crypto firm Debt Box have reportedly resigned. This followed a federal judge sanctioning the SEC for its “gross abuse of power” after the agency made “materially false and misleading representations” in its lawsuit against the cryptocurrency firm. Lead Attorneys in […]

Crypto analyst JackTheRippler has raised the possibility of the XRP price rising to $100 soon enough. As part of his prediction, he mentioned what needs to happen for the crypto token to attain such ambitious heights.  How XRP Price Could Rise To $100 JackTheRippler suggested in an X(formerly Twitter) post that the XRP price hitting $100 was “inevitable” once the case between the Securities and Exchange Commission (SEC) and Ripple came to an end. Furthermore, he predicted that XRP could rise to as high as $10,000, claiming that the crypto token hitting five figures was achievable after the lawsuit. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading The analyst’s remarks again highlight the belief among members of the XRP community that the SEC’s lawsuit against Ripple has greatly hindered XRP’s growth. Specifically, the lawsuit is believed to be why XRP underperformed in the 2021 bull run, having made remarkable strides in the 2017 bull run (long before the lawsuit was instituted).  Meanwhile, in his remarks, JackTheRippler alluded to XRP gaining regulatory clarity once the case between the SEC and Ripple was over. This statement caught the attention of some of his followers, who pointed out that it had gotten clarity following Judge Analisa Torres’ ruling that XRP isn’t a security.  Interestingly, XRP has failed to mount any significant run despite gaining this clarity last year. This is one reason why some XRP holders seem to have lost faith in the crypto token, as expectations were high following Judge Torres’ ruling. However, nothing much happened as the crypto token briefly rose on the back of the ruling but steadily declined in the following weeks.  Therefore, these holders will likely be cautious about getting their hopes high despite JackTheRippler’s optimism since XRP could still maintain its unimpressive price action even after the SEC’s lawsuit is over.  The SEC’s Lawsuit May Not Be Ending Anytime Soon Meanwhile, it is worth noting that the case between the SEC and Ripple could even drag on beyond this year, irrespective of the outcome of the penalties stage, as both parties are likely to appeal certain rulings. This means that XRP holders might have to wait a while to see if the crypto token hits $100 based on JackTheRippler’s prediction.  Related Reading: Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed? If the case is prolonged beyond this year, XRP could miss out on achieving its true potential in this bull run if the lawsuit is indeed acting as a stumbling block to its progress. The lawsuit has, however, not stopped crypto analysts like Egrag Crypto from making bullish predictions for XRP in this bull run. He predicts the crypto token could rise to as high as $27 at this market peak.  At the time of writing, XRP is trading at around $0.54, up over 2% in the last 24 hours, according to data from CoinMarketCap.  XRP price shows bullish momentum | Source: XRPUSDT on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com

PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption. Tether, nonetheless, stated it will uphold OFAC […]

In a post on X, one analyst has picked out a key on-chain metric that could signal the beginning of a strong leg up, similar to the explosive gains 2017. Currently, Bitcoin prices remain steady and edging higher. However, the coin failed to register sharp upswings, as most traders had predicted before the Halving event on April 20. Flow Indicator Dips: A Bull Run In The Making? Taking to X, the analyst said there has been a sharp drop in the 7-day average Flow indicator at leading crypto exchanges like Coinbase and Binance. When this was highlighted, the Flow indicator pointed to a decline from 161,000 to 76,000 BTC, a nearly 50% drop.  Interestingly, a similar pattern emerged in 2017 before Bitcoin embarked on a historic bull run. Related Reading: Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here’s Why The analyst said the Flow indicator dropped to 64,500 BTC across exchanges days and weeks later before prices exploded to around $20,000 in December 2017.  For now, only time will tell if Bitcoin is preparing for a strong leg up. The coin remains within a bear formation, looking at the candlestick arrangement in the daily chart. Even though prices rose after Halving Day on April 20, sellers are in charge. As it is, the April 13 bearish engulfing pattern continues to define price action. Technically, a close above $68,000 might be the foundation for a rally towards $74,000 in the days ahead. Bitcoin Supply Rapidly Shrinking While the Flow indicator points to declining BTC across exchanges, another analyst has discovered an interesting development. Taking to X, another analyst noted that the available Bitcoin supply dipped below 4.6 million for the first time before April 20, when the network halved miner rewards.  Since Halving reduces daily emissions by half, even if the current demand is sustained, the analyst says a supply squeeze will drive prices higher. Even so, as mentioned earlier, whether BTC will rally depends on the pace at which immediate resistance levels are cleared. Historically, prices tend to rally a few months after Halving Day. However, in the past few months, there have been notable deviations. For instance, prices soared to all-time highs before Halving Day. This is the first time this has happened. Related Reading: Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement? Beyond technical formations, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs in January 2024. Through this product, institutions are free to gain exposure through shares. These shifting dynamics will shape price action in the current epoch, possibly leading to new deviations from historical performances.  Feature image from DALLE, chart from TradingView

On Monday evening, Taproot Wizards co-founder Udi Wertheimer unveiled a Bitcoin Improvement Proposal (BIP) that reintroduces the OP_CAT opcode to Bitcoin. This opcode could facilitate more streamlined and efficient decentralized file hosting systems, payment channels, and sophisticated Bitcoin smart contracts by minimizing reliance on intricate cryptographic techniques. However, Bitcoin developer Luke Dashjr has labeled the […]

A historical pattern currently forming in a Bitcoin on-chain indicator could suggest that a top may be near for the asset, if not already in. Bitcoin SOPR Ratio Is Forming A Historical Top Pattern Right Now In a CryptoQuant Quicktake post, an analyst has discussed about a pattern regarding the SOPR Ratio. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether the Bitcoin investors are selling their coins at a profit or loss right now. Related Reading: Ethereum To See Fresh Move Soon? What Futures Data Says When the value of this metric is greater than 1, it means that profit-selling is dominant in the market currently. On the other hand, the metric being under the threshold suggests the average holder is moving coins at some net loss. In the context of the current topic, the SOPR itself isn’t of interest; rather, it is a different version called the SOPR Ratio. The name may be a bit confusing as SOPR already contains a “ratio,” but the latter ratio here corresponds to the fact that this indicator compares the SOPR of two Bitcoin cohorts: the long-term holders (LTHs) and short-term holders (STHs). These investor groups make up for the two main divisions of the BTC market done based on holding time, with 155 days being the cutoff between the two. The STHs are those who bought within the past 155 days, while the LTHs include the HODLers carrying coins for longer than this timespan. Now, here is a chart that shows the trend in the 7-day moving average (MA) of the Bitcoin SOPR Ratio over the history of the cryptocurrency: The 7-day MA value of the metric seems to have turned around towards the downside recently | Source: CryptoQuant As displayed in the above graph, the 7-day MA Bitcoin SOPR Ratio had been heading up throughout 2023 and early parts of 2024, but recently, the metric has hit a top and reversed its direction. Whenever the SOPR Ratio is higher than 1, it means the LTHs, who are generally known to be resolute hands, are participating in a higher degree of profit-taking than the STHs. It would appear that as BTC had observed its rally and approached a new all-time high (ATH), these diamond hands had started harvesting some of the gains they had earned over their long holding time. And once the price set a new ATH, these investors participated in peak profit-taking. Since then, their profit-selling has been dropping off, although they are still harvesting notably higher gains than the STHs. In the chart, the analyst highlights how this pattern has been repeated at different points in the asset’s history. While the scale of the peak LTH profit-taking has been heading down over the cycles, it’s still true that the metric’s top has coincided with tops in the price during each of them. Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks As the line drawn by the quant suggests, it’s possible that the latest peak in the metric may have in fact been the top for this cycle. This is only, however, assuming that the pattern of diminishing returns in the indicator holds to the exact degree judged by the line. It’s possible that the peak will still be higher than the current levels, while at the same time being lower than the previous cycle’s peak, thus still being in-line with the historical Bitcoin pattern. Whatever the case be, though, the fact that the SOPR ratio has apparently hit a top could still be a bearish signal, if only in the short term. BTC Price Bitcoin has been making some steady recovery over the last few days as its price has now surged back above $66,100. Looks like the price of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, CryptoQuant.com, chart from TradingView.com

The latest quarterly report from Fidelity Digital Assets (FDA) Research reveals key insights into the bitcoin and ethereum markets as of Q1 2024. With a detailed analysis of market conditions and future outlooks, FDA’s research report provides several predictions for short and long-term trends. Fidelity Digital Assets Spotlights Bitcoin and Ethereum Market Shifts in New […]

With the crypto market on the rise once again, XRP has seen positive headwinds and this has triggered an improvement in sentiment among investors. This positive recovery has seen more crypto investors move to acquire the altcoin, pushing a very important holder cohort toward new all-time high levels. Wallets Holding More Than 1 Million XRP Nears ATH Over the last year, there has been a lot of selling among XRP investors as the price continued to struggle. This poor performance continued despite Ripple securing multiple partial victories against the United States Securities and Exchange Commission (SEC), prompting investors to jump ship. Related Reading: Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed? One XRP holder cohort that witnessed a lot of selling is the addresses holding at least 1 million XRP tokens. At current prices, it would mean that these wallets are holding at least $500,000 on the lower end of the cohort, making this the cohort that includes the dolphins and whales. The number of addresses holding at least 1 million tokens had hit its all-time high back in June 2023. But with the price falling, these large holders began to sell, and at one point, the number of wallets sat around 50 wallets below its all-time high of 2,014. However, with the crypto market moving toward another bull market, expectations are that the price of XRP will follow the rest of the market, prompting large investors to return. Data from Santiment, an on-chain data aggregation platform, shows that over the course of 2024, the number of wallets holding 1 million tokens or more rose steadily and by April, this figure is now sitting at 2,013, one wallet away from reaching its previous all-time high, and two wallets away from setting a new record. Why Are Large Investors Returning? One reason why large investors are returning to XRP could be that the indicators are finally turning bullish for the altcoin. There was also an opportunity for these investors to buy the tokens for cheap when the market crashed and altcoins like XRP suffered almost 40% losses. Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices Popular crypto analyst TonyTheBull took to X (formerly Twitter) to reveal the significance of this price crash. According to the analyst, it was the final capitulation shakeout for the altcoin. Comparing it to a similar shakeout in 2017 shows that after this, XRP could go on a massive rally. No, this was the final capitulation shakeout in $XRP https://t.co/Z0uQ2GhS7v pic.twitter.com/qfWC6H8DNv — Tony “The Bull” Severino, CMT (@tonythebullBTC) April 23, 2024 The large investors could be expecting this rally as well, hence, why they have been buying up large amounts of coins. If the 2017 rally is anything to go by, then the XRP price could quickly barrel through $1, printing significant returns for investors. Price trends toward $0.6 | Source: XRPUSDT on Tradingview.com Featured image from U.Today, chart from Tradingview.com

The world’s largest asset manager with $10.5 trillion in assets under management, Blackrock, has seen 70 consecutive days of inflows into its spot bitcoin exchange-traded fund (ETF). This achievement places Ishares Bitcoin Trust (IBIT), which has amassed approximately 274K bitcoins since its launch, among the top 10 ETFs with the longest daily inflow streaks. IBIT: […]

Cardano (ADA), the tenth largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors in recent months. After a steep price decline in March, ADA has seen a minor uptick, leaving analysts divided on its future trajectory. Could a repeat of a historical price pattern propel ADA to new heights in 2024, or are there warning signs lurking beneath the surface? Related Reading: Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycle’s Bottom Cardano Mimics 2020: Bullish Echo Or False Hope? Hopeful investors are clinging to a familiar chart pattern. According to popular crypto analyst Milkybull, ADA’s price movement appears to be mirroring its action in 2020. Back then, an “Adam and Eve” double bottom pattern preceded a significant price surge. If history rhymes, a breakout from this pattern could see ADA revisit its all-time high this year. $ADA It’s following the same path of 2020 that initiated an explosive rally. pic.twitter.com/rI5FDzcn4P — Mikybull 🐂Crypto (@MikybullCrypto) April 21, 2024 However, historical comparisons are a double-edged sword. While past trends can offer some insight, blindly relying on them can be misleading, especially in the ever-evolving cryptocurrency market. Technical Indicators Flash Green, But Network Activity Sputters Technical indicators often used to gauge market sentiment seem to be painting a bullish picture for Cardano. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are both trending upwards, suggesting a potential price increase. Total crypto market cap currently at $2.3 trillion. Chart: TradingView Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished Meanwhile, a crucial metric paints a contrasting picture. Cardano’s daily active addresses, which reflect the number of unique users interacting with the network, have dipped slightly in the past few days. This decline in network activity could be a cause for concern, as it might indicate dwindling user interest in the Cardano ecosystem. Cardano’s Future: A Balancing Act The outlook for Cardano remains uncertain. While the potential for a bull run based on historical patterns and bullish technical indicators exists, the decline in network activity raises questions about its long-term sustainability. Investors should carefully consider these conflicting signals before making any investment decisions. Source: Santiment Further developments within the Cardano ecosystem, such as the successful rollout of smart contracts or increased adoption of decentralized applications (dApps) built on the Cardano blockchain, could significantly impact its price. Additionally, the overall performance of the broader cryptocurrency market will also play a role in determining ADA’s future trajectory. Featured image from Pexels, chart from TradingView

Crypto.com has postponed the planned launch of its app in
South Korea due to scrutiny by the regulators on the exchange’s anti-money laundering
practices. According to a local media publication Segye Ilbo, Korean financial
authorities have initiated an emergency on-site inspection of the crypto exchange.

Anti-Money Laundering Concerns

The inspection, conducted by the Financial
Intelligence Unit under the Financial Services Commission, followed the
discovery of anti-money laundering-related issues in the data submitted by
Crypto.com.

Crypto.com has emphasized its commitment to
maintaining proper anti-money laundering standards, according to a report by
Coindesk. The firm mentioned that it adheres to the “highest”
standards. However, it intends to postpone the launch of the new service to
ensure that Korean regulators are fully apprised of its policies, procedures,
systems, and controls.

The exchange had announced plans to launch a local
mobile application facilitating coin trading next week. According to the firm,
the service promises competitive pricing and support for various virtual asset
transactions. Crypto.com obtained approvals to operate in South
Korea in 2022. However, regulatory hurdles have proved challenging for
the crypto exchange.

Early this month, Crypto.com announced the decision to debut the new app in South Korea, describing it as a specialized trading platform specifically designed for the Korean market. Commenting about the launch, Eric Anziani, the Chief
Operating Officer of Crypto.com, highlighted Korea’s tech-savvy population and
its adoption of innovation as key factors driving this decision.

Anziani mentioned: “The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell, and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner.”

Navigating Korean Crypto Regulations

Moreover, the company aims to support Korean creators
and artists through potential partnerships, leveraging the country’s influence as a
cultural powerhouse. With ongoing discussions with local banks, Crypto.com plans to establish partnerships for account authentication, a regulatory requirement
in Korea.

Presently, the Korean cryptocurrency market has five
won-based exchanges authorized by financial authorities. By entering this
market, Crypto.com will offer users an alternative trading platform while
fostering competition and innovation in the local cryptocurrency sector.

This article was written by Jared Kirui at www.financemagnates.com.