Sergey Kunz: DeFi has excellent development prospects in South Korea

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According to Sergei Kunz, co-founder of the decentralized exchange aggregator 1inch, the DeFi industry is not very well developed in South Korea, but has great potential and prospects.

During the Korea Blockchain Week conference2022 1inch co-founder and CEO Sergey Kunz noted that the DeFi market in South Korea and Asia is relatively small. 1inch management is looking to change this and expand its services to users in Asian countries. To do this, the company plans to enter into partnerships with one or more startups in the Web3 field. 

Kunz said that the main reason for the weak development of DeFi projects in South Korea is the lack of awareness among users.

“Once people understand that they canearn from yield farming, trade tokens and access tokens on Ethereum through other compatible blockchains, the market will grow significantly. In Korea, computer games and other projects are very popular, so I think the DeFi market can grow significantly in this region,” the 1inch CEO emphasized.

The aggregator’s management is currently working on a partnership with the Klaytn platform, which is focused on metaverses.

South Korean authorities recently announced that they plan to crack down on tax evasion using virtual assets and platforms that deal with them.