According to last year’s financial reports, South Korean firms are joining the cryptocurrency business. If you are an online trading enthusiast, you might have noted that crypto is gaining more mainstream with different institutional adoption. Industry professionals expect to witness an upward trend in the South Korean financial marketplace.
By 2020 year-end, about 23 Korean companies were holding different cryptocurrency types as impalpable assets. That is what financial reports and the country’s regulator indicated.
Dunamu, operating the largest cryptocurrency exchange in South Korea, UpBit, had the most crypto. At the time of submitting the report, the firm had a valuation of $41.2 million. Also, it includes bitcoin at 29.9 billion won and Ethereum, 159 million.
It is undeniable that Dunamu has had successful crypto services. The company’s financial reports indicated that, in 2020, the firm added 742 BTC.
Kakao, a mobile giant, admitted that it has undisclosed and unlisted cryptocurrencies types, valuing at 23.19bn won. Keep in mind that it is the first time the firm has reported digital coins in its financial statement.
Kakao Investment, Kakao’s venture capital entity, had 17.6bn won in digital assets. Moreover, the unit made 390 million won profit last year through selling its given holdings.
Korean cryptocurrency exchanges also revealed their digital assets. Bithumb, the country’s second-largest crypto exchange, unveiled that its digital coins worth 23.1 billion won. Coinone, another broker, said it possesses 13.8bn won worth of virtual products.
These firms declared the digital assets holdings according to K-IFS. The board recommends crypto companies with significant cryptocurrency holdings list them as immaterial assets in the financial reports.
Kim Kook-hwan, a Born2Global director and public accountant, said that companies with insignificant cryptocurrency possessions do not reveal their crypto holding.
Other firms that unveiled the crypto holding include Wemade, a gaming platform, and Danal, a mobile transaction provider.
Nonfinancial firms operating retail businesses also ventured into the crypto market last year. There was a growing crypto concern as some of the firms went ahead to launch their cryptocurrencies. For instance, Sikui, a restaurant company that revealed a 2.1bn won revenue, declared that it had one billion won in BTC and ETH in assets in December ending.
What are your thoughts on Korean Companies adopting cryptocurrencies so far?
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