Blockchain Week Kicks Off in Seoul
Date: 2024-09-02 Author: Henry Casey Categories: BLOCKCHAIN, IN WORLD
South Korea, attracts a global audience of blockchain enthusiasts, developers, investors, and industry leaders.
The event is expected to showcase the latest advancements in blockchain technology, decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3. The event is hosted by FactBlock and co-hosted by Hashed.
What is South Korea Known For
South Korea is known for producing global tech brands like Samsung and automobile giants like Hyundai. The country is associated with the trendy Gangnam district, which gained worldwide fame thanks to the hit song “Gangnam Style.”
It is home to K-pop stars who have taken the world by storm, and culinary delights like kimchi, which have become an integral part of its rich gastronomic heritage. Terraform Labs co-founder Do Kwon is also from South Korea.
According to the latest data from Tiger Research, “South Korea’s position in the Web3 industry is extremely significant. The country is among the world’s leaders in cryptocurrency trading volume, with the South Korean won rivaling the US dollar in trading volume.”
This week, KBW2024 will feature panel discussions and a platform to explore the transformative potential of decentralized technologies in one of the world’s most technologically advanced cities. Speakers include Vitalik Buterin, Arthur Hayes, Brad Garlinghouse, Richard Teng, and more.
The Four Asian Dragons
American academic Ezra Vogel argues in his book, Four Little Dragons, that Japan and its four dragons — Taiwan, South Korea, Hong Kong, and Singapore — are four newly industrialized economies that have followed Japan’s export-led growth model to prosperity, SCMP reports.
Unlike major developed economies that have established themselves over a century or two, the Four Dragons have made their mark in just a few decades.
Vice published an article exploring the region’s strong work culture. Some Koreans actually work from 9am to 9pm most days, sacrificing personal time. Seoul is a dynamic, fast-paced city that never sleeps.
Crypto Trading Habits
According to Chainalysis, 68.9% of crypto trading volume in South Korea is concentrated on centralized exchanges, while only 26.1% is on DeFi platforms. This is the highest reliance on centralized exchanges among East Asian countries excluding China.
As for the exchanges that dominate the region, Upbit and Bithumb hold over 95% of the market share, while strict regulations prevent new exchanges from entering the market, Tiger Research reports.
“Korean investors exhibit unique behavior: they invest aggressively in altcoins, create “kimchi premiums,” and participate in “gaduri pumps.” It is important for foreign projects looking to enter the South Korean market to understand these market characteristics,” the research group notes.
The country is making a name for itself and leading the way on the Web3 and blockchain front. Later this month, the crypto community will head to Singapore for Token2049. Asia is the place to visit in the fall if you are passionate about blockchain, development, and investing.
