South Korean crypto exchanges Upbit, Bithumb turn unicorns

South Korea-based cryptocurrency exchanges Upbit and Bithumb hit unicorn status last year, Forkast.News reported.

The two new unicorns pushes the number of firms breaching the US$1 billion valuation mark in the country to 18. Other such firms in South Korea include Zigbang, Kurly, Bucket Place, Daangn Market, and Ridi.

The country is likely to continue its push toward investing in cryptocurrencies in a bid to persuade a swath of Gen Z voters, who have emerged as a key electoral force in the country.

Nearly 10% of South Korea’s population invested in cryptocurrencies when Bitcoin prices reached an all-time high in the first half of 2021. That’s more than double the number of investors in 2017, when the crypto boom first hit the country.

See also: 50 rising startups in Korea