Overview
South Korea's NHN Entertainment, a major online gaming operator, is reportedly in talks to invest in Chinese cryptocurrency exchange OK Coin. The potential partnership marks a significant development in the evolving Asian crypto market.
NHN Entertainment's Background
NHN Entertainment, originally known as Hangame, was founded in 1999 during the early days of online gaming. Key details:
- Corporate History: Acquired by NAVER (Korea’s top search engine) in 2000, spun off as an independent entity in 2013, and later listed on KOSPI.
- Leadership: Founder Kim Beomsu left in 2011 to join Kakao, where he currently serves as a director.
Investment Talks with OK Coin
- Status: Preliminary discussions underway; no final agreement reached.
- OK Coin’s Market Position: Founded in 2013, OK Coin ranked as China’s third-largest crypto exchange before the 2021 government ban. It has since expanded internationally, establishing OK Coin Korea in December 2021.
👉 Learn more about OK Coin’s global strategy
Strategic Moves in the Korean Market
Competitive Landscape
- Nexon: Acquired Korbit exchange.
- MODA Inc.: Partnered with HanbitSoft.
- Huobi: Launched subsidiaries in Korea and Japan, with SBI Holdings acquiring a 10% stake in its Korean arm.
- Bittrex: Collaborated with Upbit to offer 121 cryptocurrencies for trading.
OK Coin’s Differentiator
- Fee Model: "-0.01%" service refunds 0.01% of transaction fees to makers (price setters), disrupting traditional fee structures.
Trademark Hurdles
- OK Savings Bank: Registered "OK COIN" and "COIN OK" trademarks in Korea, blocking OK Coin’s use of similar branding.
CEO Statements
Xu Mingxing (OK Coin CEO):
"Korea is a pivotal market for our global expansion. While discussions with NHN are promising, nothing is finalized."
Chris Lee (OK Coin Korea CEO):
Focused on regulatory compliance and localized services to gain trust in Korea’s competitive crypto ecosystem.
FAQs
Q1: Why is NHN Entertainment interested in crypto?
A1: Gaming companies are diversifying into blockchain for new revenue streams and tech synergy.
Q2: How does OK Coin’s fee model work?
A2: Makers receive a 0.01% rebate per transaction, incentivizing liquidity provision.
Q3: What challenges does OK Coin face in Korea?
A3: Trademark restrictions and intense competition from established players like Upbit.
Conclusion
The NHN-OK Coin talks highlight the convergence of gaming and crypto industries. With innovative fee structures and strategic partnerships, OK Coin aims to carve a niche in Korea’s dynamic market.
👉 Explore OK Coin’s latest updates
### SEO Keywords
1. NHN Entertainment
2. OK Coin
3. Korean crypto market
4. Cryptocurrency exchange
5. Transaction fee rebate
6. OK Coin Korea
7. Blockchain investment