When the South Korean cryptocurrencies Luna and TerraUSD collapsed in Might, their failures contributed to a $300 billion loss throughout the crypto economic system, public outcries for Do Kwon, the cryptocurrencies’ creator, to go to jail and a number of investigations. However that, and a broader “crypto winter” dragging down costs throughout the trade, doesn’t seem to have curbed South Korea’s appetite for all things web3.
Korea Blockchain Week launched this weekend with greater than 7,000 individuals registered to attend and over 120 audio system on the lineup. In accordance with the occasion’s chief government officer, Jeon Seon-ik, this yr’s occasion was one of many largest of its variety in Asia, if not the world.
Search engine optimisation Sang-min, one of many keynote audio system who runs the Klaytn Basis, a outstanding Korean blockchain firm, attributed the occasion’s recognition to a South Korean penchant for tech. “Regardless of the Luna-Terra crash, the nation is huge on crypto and is among the tech facilities of the world,” he mentioned in an interview.
Vitalik Buterin, the co-founder and chief scientist at Ethereum, the system which runs the world’s second-largest cryptocurrency after Bitcoin, additionally gave a keynote speech, emphasizing the necessity to make crypto transactions extra inexpensive for a wider vary of customers and selling the advantages of a decentralized monetary system.
Cryptocurrency noticed its first surge in South Korea in 2017 after the nation’s largest conglomerate, Samsung, introduced that it might discover a corporate use for Ethereum. Samsung SDS was the primary Korean enterprise to affix the Enterprise Ethereum Alliance, which launched in San Francisco earlier that yr to facilitate enterprise transactions.
Since then, South Korea’s crypto market has grown to be one of many largest on the earth. The nation’s crypto belongings grew to 55 trillion gained on the finish of final yr, price about $46 billion on the time, with greater than 15 million registered customers of buying and selling platforms, in response to nation’s Financial Services Commission. A number of years in the past, the South Korean authorities adopted a extra cautious stance on cryptocurrencies, and even considered banning them. Extra not too long ago, although, the federal government has moved to control the trade.
Mr. Search engine optimisation believes that the federal government’s shift in strategy is an acknowledgment of the trade’s potential. “The metaverse and web3 have potential to be greater than a way of funding, create new jobs and resolve actual world issues,” he mentioned.