Cronos Labs, known for its blockchain network, has announced that it is now targeting the market of Korea for its global expansion. The move became more evident when Cronos Labs marked its presence at the Seoul Web3 Festival to judge some of the upcoming dApps, short for decentralized applications. The ultimate goal of Cronos Labs is to boost blockchain technology in the Korean market.
Cronos Labs has chosen Korea for its substantial pool of developers. Also, there is a rising interest among people when it comes to DeFi and GameFi. Simply put, there is an opportunity and Cronos Labs wants to grab it before someone else gets in the region. The adoption of blockchain technology in Korea will pave the way for Cronos Labs to capture the global market.
However, one factor that could cause hindrance is its large population. Not that there is no window to leverage that factor. Since Korea has a large population, the government is expected to be prudent in approving anything new that comes up in the region. This is in contrast to countries with lesser populations like Singapore.
Countries like Singapore have been successful through the implementation of regulations and an aggressive stance of becoming a global hub.
Any crypto venture that considers entering a market like Korea will have to keep its feet on two boats: experiment with new projects and popularize blockchain in the meantime. This is something that has been echoed by Ken Timsit, the Managing Director of Cronos Labs.
Per a statement issued by Ken, it is true that countries with larger populations are likely to adopt a prudent approach and hence, there will be a need to experiment with new technology and popularize it at the same time. Korea is also a larger economy. This will have an impact on its entry as the government would not want to hamper its macroeconomy.
Ken believes that this was the right time for them to enter the Korean market. He said that there is a rising interest in DeFi and other similar characteristics of the Korean market that align with their mission. It majorly includes a high number of active users and an excellent pool of developer talent.
Cronos Labs is looking to partner with as many applications as possible for its Accelerator Program. That is expected to tentatively start by the end of this year. The Korean region has over 80 million users, making it the most ideal candidate for Cronos Labs. It will also help the blockchain venture to begin setting its global footprint.
The community has responded positively to his development with most of them looking forward to how things roll out in the Korean region.
As for Cronos Labs, it has launched Cronos Explorer on Testnet and doors are open for interested candidates to try its features. It will specifically help users to access information from the layers of Cosmos and Ethereum.