South Korea KBW Aftermath Guide: Mastering the Key Players from Exchanges to KOLs
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South Korea KBW Aftermath Guide: Mastering the Key Players from Exchanges to KOLs
Don't take advantage just because South Korea has high trading volume.
Navigating Web3 tides with focused insightsAuthor: Ash
Translation: TechFlow
Korean cryptocurrency exchanges have processed up to $2 billion in trading volume, presenting unique opportunities for projects.
At this year's @kbwofficial conference, I had the privilege of engaging with local stakeholders and distilled key insights to help you better strategize. This includes:
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Overview of Korea’s ecosystem
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Marketing campaign planning
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Understanding Korea’s retail market
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Additional considerations
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Korea Ecosystem Overview
This section introduces Korea’s local ecosystem, including centralized exchanges (CEXs), media, research and consulting firms, investors, projects, and key opinion leaders (KOLs). According to multiple sources, approximately 10–15% (about 6–9 million) of South Koreans use centralized exchanges for trading.
a) Centralized Exchanges
South Korea has three major CEXs: Upbit, Bithumb, and Coinone, with Upbit and Bithumb collectively holding 95% of the market share.
Interestingly, each of these exchanges is connected to a specific bank for fiat deposits and withdrawals:
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Upbit → KBank
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Bithumb → Nonghyup Bank
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Coinone → KakaoBank
Among these CEXs, Korean Won (KRW) trading pairs see the highest volumes, so most projects should aim to list their tokens with KRW pairs.
I’ve observed that local CEXs achieve such high volumes because:
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Local gambling culture* and strong purchasing power among Korean consumers
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Koreans prefer not to self-custody, thus favoring centralized exchanges
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Koreans view crypto as a speculative asset class (similar to stocks), where hype often outweighs fundamentals (e.g., associations with well-known entities or figures like Ondo and BlackRock, Doge and Elon Musk)
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Through conversations, I learned this reflects a darker side of Korean society—current economic conditions (soaring real estate prices, low wages, weak stock markets, and economic monopolies) push people toward excessive gambling as a means to escape poverty.
b) Media
Due to language barriers, Korean users typically rely on local publishers for news and updates. Besides official_naver's blog, key media platforms include eBlockmedia, CoinnessGL, bloomingbit_io, FACTBLOCK, and tokenpostkr. For non-Korean projects, direct communication with these outlets can be challenging, which is where the next group of stakeholders may help.
c) Research and Consulting
Korea has an active ecosystem of research and consulting firms, many of which serve as intermediaries between projects and users, or between international projects and Korean audiences.
To succeed in Korea’s market, partnering with a reputable firm is crucial. I categorize these companies into two main groups:
i. Consultants
ii. Research
Clarifying your goals helps founders choose the right partner more easily, for example:
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Need connections with Korean institutions: @Xangle_official
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Want to engage Korean developers and boost technical visibility: @FourPillarsFP
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Targeting speculators or retail users: @DeSpreadTeam
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Tracking local regulatory developments: @Tiger_Research_
d) Investment
Korea’s capital market is relatively small, with only a few major players, divided into two categories:
i. Venture Capital Funds
ii. Market Makers (MMs)
*Note: Due to regulatory restrictions, market makers cannot open corporate accounts on Korean CEXes
e) Projects
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DeFi:
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Ecosystem:
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Gaming:
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Validators:
*I’m sure there are many omissions—please bear with me.
f) KOLs
Planning Marketing Campaigns
Many projects want to enter Korea due to the high trading volume and strong purchasing power of Korean retail investors.
However, this narrow mindset disrespects Korean participants, who are not merely liquidity providers to be exploited. Korean speculators are cautious and have become more rational and mature since the Terra Luna/Anchor incident.
Koreans highly value transparency and genuine intent in marketing efforts.
Founders who are charismatic yet humble can build trust and attract large followings—reminiscent of religious or group leaders in Korean culture.
Before entering Korea, develop a comprehensive marketing plan that includes:
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Clear key performance indicators (KPIs)
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Specific, actionable steps for users
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A clear roadmap (covering pre- and post-TGE plans)
A simple campaign flow might look like: define marketing goals and provide clear user actions → partner with media and research firms for SEO optimization and Korean-translated research → launch a KOL campaign to amplify reach.
In this competitive landscape, traditional strategies are no longer sufficient. Korean investors are tired of endless AMAs and token/node sales. To stand out, creative thinking and real value—such as compelling incentives or financial opportunities—are essential.
Understanding Korea’s Retail Market
It’s widely known that Koreans are trendsetters, passionate about chasing the latest fads—evident in their vibrant fashion scene, obsession with luxury brands, and fervor for K-Pop. Therefore, projects must continuously refresh their marketing materials and offer innovative, engaging narratives to retain retail attention.
In Korea, users fall into three categories:
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Airdrop hunters: Require clear step-by-step instructions
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Opportunistic traders: Follow market narratives and trends
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Infrastructure-focused users: Few in number, as Koreans generally prefer trusting third-party solutions
A one-size-fits-all approach is bound to fail. Tailoring campaigns to your target audience is critical. Building trust through transparent, open communication—and delivering content in Korean—is key to success in Korea.
Additional Notes
a) Korea’s Major Consumer Apps
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Naver
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Coupang (e-commerce)
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Kakao (including KakaoTalk and Kakao Taxi)
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Samsung Pay (Apple Pay is unavailable in Korea, for obvious reasons)
b) Korean Developers Typically Graduate from SKY or KAIST
SKY is an informal acronym referring to Korea’s three top universities:
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Seoul National University
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Korea University
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Yonsei University
KAIST (Korea Advanced Institute of Science and Technology) is a national research university.
c) Other Interesting Observations
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Aptos and Sui are extremely popular in Korea.
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Many ecosystems have started hiring Korea leads, including Monad and Chromia.
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Did not meet anyone from Upbit or Bithumb—their listings are extremely difficult and seemingly random.
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Vape shops are everywhere.
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Next time traveling to Korea: Use Naver Map and KakaoMap for navigation; Uber and Kakao Taxi for rides; Catch Table for restaurant reservations; Coupang Eats for food delivery; Papago for translation.
Summary
Understand the local ecosystem and market context → Partner with local consulting firms → Develop localized marketing strategies → Understand Korea’s retail market → Do not exploit Korea solely for its high trading volume.
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@ahboyash
