June 29, 2022

Local South Korean cryptocurrency exchange, Korbit has announced itself to having adopted a “play to earn” scheme in an effort to upgrade its promising metaverse platform.

The Play to Earn, or commonly known as P2E, is a system in which players can gain rewards for playing games within the platform.

The company’s attempt to incorporate the new scheme is meant not only to attract cryptocurrency traders, but also to reflect growing interest in the metaverse.

Korbit’s CEO, Oh Se-jin commented that people without any exposure to cryptocurrency exchanges can easily access virtual assets in Korbit Town. While they will also continue to add various contents that can allow customers to have fun beyond simple trading experiences.

Korbit with a broader aim mentioned that it plans to focus on revitalizing its metaverse ecosystem by allowing users to display non-fungible tokens they have purchased from a marketplace, as well as engage YouTube streamers in the Korbit Town.

The company earlier this year had launched a NFT marketplace, and mentioned that it is considering various other business models involving the metaverse and NFTs. These efforts are a strategic move to stay a step ahead of competitors in the fast-evolving digital asset space.

Despite the company having a headstart as the first cryptocurrency exchange in South Korea, it is still lagging behind the other three exchanges in terms of transaction volume.

Last week, Mirae Asset Securities manager Lee Yong-jae during a NFT conference predicted that the cryptocurrency exchanges will evolve into super platforms that deal with various types of digital assets beyond their primary functions as token trading platforms.

Korbit was able to apply for registration by undertaking the long list of anti-money laundering and security measures required by financial authorities recently.

The company became the second to be given the green light from financial authorities and has a relatively stable ownership structure.

Its largest shareholder is NXC, a holding company of mobile game maker Nexon, 67.49 percent of which is still held by founder Kim Jung-joo. NXC and its affiliate together hold 65 percent in the cryptocurrency exchange, while its founder Tony Lyu has 29.37 percent.

Lyu had stepped down as CEO in 2018.