South Korean Crypto Research Centers Means Mass Adoption?
Business Korea, a local media source, reported that the country has started to launch cryptocurrency research centers. The purpose of such centers is to provide potential investors with the information and knowledge necessary to make smart investments and to promote the mass use of cryptocurrency as well. In addition, the more knowledge there is, the less of a chance that investors expose themselves to the risks involved – such as fraud.
A particularly well-known research establishment is the Chain Partners Research Centers, owned and operated by Chain Partners Inc. The platform is looking for a cryptocurrency analyst who has move than five years of experience in investment banking. By bringing such an individual onto the team, the platform will be able to ensure that is producing quality information. Further, the center is one of the first to create and use a cryptocurrency index that features daily analyses on the market within South Korea and abroad.
Another platform that has launched similar initiatives is Coinone. This is the country’s most significant cryptocurrency exchange, and it has its own research center that releases weekly reports and insight into the cryptocurrency market.
In terms of Chain Partners, it is currently working on a project to develop an index called KSPI 200. The index will showcase price trends and the leading cryptocurrencies, such as Ethereum and Bitcoin. This move is similar to that of Michael Novogratz and Bloomberg, who together launched the Bloomberg Galaxy Crypto Index.
The proliferation of cryptocurrency research centers may be just the right step for mass adoption of cryptocurrency in South Korea. However, there are still other issues to be resolved. For example, the country’s financial regulator will be releasing its stance on cryptocurrency in due course. Further, the country has recognized cryptocurrency exchanges as legal entities in their own right. Finally, the Financial Services Commission is geared toward creating a dedicated cryptocurrency division that is tasked with overseeing the sector and protecting consumers.
As for private entities, Binance is planning to expand to South Korea. Based on this information and that above, it is clear that the country may be well on its way toward more reliance on cryptocurrency as a viable form of currency now and in the near future – at the end of the day, it is something that time – and investment, will tell.