South Korean Firms Succeeding with Crypto – Holding over 10 Billion won
South Korean local media reports declared that multiple renowned companies hold digital coins as intangible assets. That demonstrates crypto market growth in this country.
The Korean Herald indicates that more than 23 companies in South Korea have more than one digital coin, holding them as intangible products. You might have noted how different firms have succeeded by adopting virtual assets. In Korea, companies such as Bithumb Korea, Coinone, Kakao, and Dunami hold over 10 billion won in virtual coins.
Dunamu has ETH and BTC worth about $41.2 million. Keep in mind that the firm purchased 742 bitcoins last year alone. Kakao, the Korean internet firm, holds 17.6 billion won in digital assets. The company made 390 million won in profits last year after selling some of its holdings.
However, cryptocurrencies are not for well-known companies in this nation. Sikui, a restaurant company, has 1 billion won in virtual assets. Remember, various organizations have adopted crypto activities. The best thing is that most of them are enjoying the move for now.
According to the current cryptocurrency trend, you may agree that more local firms will add cryptocurrency to their holdings. Moreover, South Korea has been overlooking regulation protocols, which will be vital in deterring and convincing companies to jump into the crypto game. The country recently introduces new tax rules to regulate the crypto market. Unfortunately, some investors remain skeptical about the new tax policies.
According to the reports, experts believe that cryptocurrency is gaining more popularity and mainstream. What do you think?
Crypto Gaining More Mainstream
Virtual trading has matured, now attracting various businesses. In 2020, Square and Microstrategy invested in bitcoins, which aided in profit maximization.
One of the companies argued that BTC is vital in dealing with inflation. After all, will you disagree that BTC has been performing to its best since the past decade?
Tesla invested $1.5 billion on BTC, resulting in profits amounting to $101 million after liquidating some of its bitcoins.
It is without a doubt that many businesses will include cryptocurrencies in their holdings with time. That is after the deal succeeded in most industries.
What can you say about massive profits from companies adopting crypto? You have the freedom to comment below.
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