Korea Blockchain Week (KBW2024) is set to take place in Seoul, South Korea this week, bringing together a global audience of blockchain enthusiasts, developers, investors, and industry leaders.
The anticipated event will showcase the latest advancements in blockchain tech, decentralized finance (DeFi), non-fungible tokens (NFTs) and Web3. The event is organized by FactBlock and co-hosted by Hashed.
South Korea Is Known For…
South Korea is known for producing world-renowned tech brands like Samsung and automobile giants such as Hyundai. The country is synonymous with the trendy Gangnam District, which gained global fame through the hit song “Gangnam Style.”
It is the birthplace of K-pop stars who have taken the world by storm, and culinary delights like kimchi, a staple of its rich food heritage. Terraform Labs’ co-founder, Do Kwon also hails from South Korea.
The latest data from Tiger Research states that “South Korea’s position in the Web3 industry is highly significant. The country ranks among the top globally in terms of cryptocurrency trading volume, with the Korean won rivalling the US dollar in trading volume.”
This week KBW2024 will feature panel discussions and act as a platform to explore the transformative potential of decentralized technologies in one of the world’s most technologically advanced cities. Speakers include Vitalik Buterin, Arthur Hayes, Brad Garlinghouse, Richard Teng, and more.
The Four Asian Dragons
US academic Ezra Vogel argues in his book “The Four Little Dragons” that Japan and its four dragons Taiwan, South Korea, Hong Kong and Singapore are four newly industrialised economies that have followed Japan’s export-led growth model to prosperity, as reported by SCMP.
Unlike major advanced economies, which established their position in a century or two, the four dragons have made their mark in just a few decades.
Here’s a Vice article exploring the strong work culture in the region. Some Koreans indeed work from 9 am to 9 pm on most days sacrificing personal time. Seoul is a fast-paced vibrant city that never sleeps.
Crypto Trading Habits
According to data from Chainalysis, 68.9% of South Korea’s crypto trading volume is concentrated on centralized exchanges, while only 26.1% occurs within DeFi platforms. This is the highest reliance on centralized exchanges among East Asian countries, excluding China.
In terms of exchanges that are dominating the region, Upbit and Bithumb hold over 95% market share, while strict regulations hinder new exchanges’ entering, reports Tiger Research.
“Korean investors show unique behaviours: they aggressively invest in altcoins, create “kimchi premiums”, and engage in “Gaduri pumping”. For overseas projects looking to enter the South Korean market, it is essential to understand these market characteristics,” says the research group.
The country is making its mark and leading on the Web3 and blockchain front. Later this month the crypto crowd will be touring Singapore for the Token2049 event. Asia is the place to be roaming this Autumn season if you are a blockchain enthusiast, developer, and investor.
KBW2024 is set to be a hub for groundbreaking discussions and developments. Follow our coverage on cryptonews.com live from South Korea, Seoul!
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