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 much-awaited event will highlight the most recent developments in Web3, decentralized finance (DeFi), blockchain technology, and non-fungible tokens (NFTs). The event is organized by FactBlock and co-hosted by Hashed.
Seoul is all set for #KBW2024, and the city is buzzing with festival energy. With just hours to go, we can’t wait to reunite and celebrate with you all once again in 2024! 💫 pic.twitter.com/49ePnYpWOS
— #KBW2024 (@kbwofficial) August 31, 2024
South Korea Is Known For…
South Korea is recognized for generating globally recognized technology companies like Samsung and automotive behemoths like Hyundai. The trendy Gangnam District, made famous worldwide by the hit song “Gangnam Style,” is synonymous with the nation.
It is the birthplace of kimchi, a mainstay of its rich culinary heritage, as well as K-pop stars who have taken the world by storm. Do Kwon, the co-founder of Terraform Labs, is a native of 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.”
In one of the most technologically advanced cities in the world, KBW2024 will host panel discussions this week and serve as a forum to investigate the transformative potential of decentralized technologies. Among the speakers are Brad Garlinghouse, Richard Teng, Arthur Hayes, and Vitalik Buterin.
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.
The four dragons have made their mark in a matter of decades, in contrast to the major advanced economies, which took a century or two to establish themselves.
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. With the exception of China, this is the East Asian nation with the greatest reliance on centralized exchanges.
According to Tiger Research, the region’s leading exchanges are Upbit and Bithumb, with over 95% of the market, and stringent laws that prevent new exchanges from entering the market.
“Korean investors exhibit distinctive behaviors: they engage in “Gaduri pumping,” actively invest in altcoins, and produce “kimchi premiums.” According to the research group, it is crucial for foreign projects aiming to penetrate the South Korean market to comprehend these market features.
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.