Two of South Korea’s top cryptocurrency exchanges, Upbit and Bithumb, are among the seven local businesses that achieved unicorn status last year, the Ministry of SMEs and Startups (MSS) reported on Tuesday.
Fast facts
- The nation’s top four crypto exchanges dominated 96% of total deposits in the South Korean market, while exchange GOPAX is attempting to take a larger bite of the pie after completing legal requirements to conduct cash-to-crypto transactions.
- The local digital assets market is expected to continue its popularity push, with crypto expected to play a key role in persuading younger voters in the March presidential election.
- A survey conducted last November by a local research firm found four in 10 South Koreans in their 20s and 30s have invested in digital assets.
- With seven new unicorns in 2021 — Dunamu (Upbit), Zigbang, Kurly, Bithumb Korea, Bucket Place, Daangn Market and Ridi — South Korea now has 18 companies on the list, the highest number in its history.