Unlike in other countries, where startups are at the heart of blockchain development, the South Korean blockchain landscape has “chaebols,” large, family-owned business conglomerates in Korea, at its heart. Just about every month, reports and announcements of large South Korean companies — including Samsung (KS:005930), Naver and NHN, just to name a few — entering into the blockchain space emerge.
Still, South Korea is one of the most advanced markets in the blockchain and cryptocurrency industry. The first indication comes from how dominant Korean exchanges were during the crypto bull run of 2017, with crypto prices almost always trading at a premium on local exchanges relative to those in other countries.
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