Samsung Securities To Launch Bitcoin, Crypto Exchange – Bitcoin Magazine

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  • Seven large domestic securities companies in South Korea are seeking approval to operate cryptocurrency exchanges.
  • Two companies are listed by name in the report: Mirae Asset Securities and Samsung Securities.
  • The institutional digital asset ecosystem in South Korea is seeing an increase in demand following the local presidential election of Yoon Suk-Yeol.

Seven large domestic securities companies in South Korea have filed to establish exchanges for bitcoin and other cryptocurrencies, per a local report from NewsPim.

Only two of the companies, Samsung Securities and Mirae Asset Securities, were cited in the report. However, all seven companies have applied for preliminary approval to operate an exchange within the first-half of 2023.

Mirae is the largest investment bank by market cap in South Korea with $648 billion in managed assets. The securities company plans to establish a subsidiary under its consultation arm Mirae Consulting to operate the exchange.

Additionally, Mirae seeks to onboard technical staff for the research and development of bitcoin and other blockchain-based platforms, according to the report.

Similarly, Samsung is conducting studies on how best to enter the bitcoin and cryptocurrency ecosystem. The securities company attempted to spearhead the development of a cryptocurrency trading platform last year, but failed to acquire the necessary talent to do so, according to the report.



Source link Bitcoin Magazine

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