Chinese Crypto companies begin the exodus following crackdown in nation.
The China bitcoin ban is having a huge effect on Chinese Crypto companies. Some reports show that most of China’s crypto/bitcoin companies, including Qtum, are turning to South Korea.
According to reports, WaykiChainhas also began to follow suit and have started taking major steps to enter the South Korean market.
A major point of interest and strategy comes from their WICC and from gaming DApps. They hope both will attract more crypto investors for Chinese crypto companies.
A WaykiChain representative spoke at a recent press conference about the company’s hopes in South Korea. The company wants to introduce in-game betting solutions to the nation. The representative described the solutions, noting that the WICC coins will be capable of being used as payments for asset transactions, financing overseas settlement, and as a currency by different gaming apps.
Korean view on China Crypto Companies Exodus
Reports confirm that WaykiChain has secured the support of the Korea Block-Chain Content Association Committee. An association which has a friendly relationship with the Korea Digital Coin Research Institute alongside other renowned mobile game developers.
It was reported last month that NHN Entertainment, a South Korean game developer, reached a partnership deal with another Chinese crypto company called OKCoin, which led to the formation of OKCoin Korea.
Different media outlets and crypto enthusiasts reported that WaykiChain may strike a deal with Huobi Korea. Prior to this, Huobi had offered WICC Coin a trading slot on its exchange. Huboi exchange only started trading earlier this year in March but was the world’s biggest exchange before China’s crypto-crackdown.
So, as we see Chinese Crypto Companies may well struggle in the Korean market. We will have to see what else the China crypto ban creates and where the Chinese crypto companies may move. China has an interesting relationship with crypto, whilst accepting blockchain they seem to fiercely oppose bitcoin.