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Its top chaebol (family-owned Korean conglomerates) Samsung and LG have already established themselves as global brands in technology and consumer electronics challenging even the likes of Apple and GE. To advance its cause, it is also making headway in other tech verticals. Earlier this year, it revealed plans to invest $2bn (2.2tr won) in artificial intelligence (AI) to contend with other AI leaders like the U.S. and China.
With blockchain being all the rage in tech over the past year, the country has also made significant strides in adopting the technology. South Korea is now a major cryptocurrency market. Its top two crypto exchanges — Upbit and Bithumb — are among the top 25 exchanges in the world and combine for a daily trading volume of over $200m.
South Korea has also looked beyond cryptocurrencies and is pursuing other applications for blockchain technology. The country has effectively reshaped its stance regarding crypto activities, placing itself in a better position to become a major force for blockchain.
The crypto space is currently in a state of flux. The crypto market has had its ups and downs over the past year. It enjoyed a huge bull run starting late 2017 and peaked at over $800bn market capitalization in early January. But the market has since seen a massive correction. The collective market cap of cryptocurrencies now just hovers at around $200bn.
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