GTM strategy for Korean market
I noticed that many international crypto participants at KBW week are seeking a fundamental understanding of the Korean market. To assist with this, here’s a GTM strategy tailored specifically for Korea. Feel free to use and adapt it as needed. DMs are open
1. Understanding the Local Market
- User Insights: The Korean market is heavily focused on altcoins, with significant trading volumes occurring on CEXs. Over 10m (+20% of total population) people use CEXs for trading, yet fewer than 100k actively follow crypto news and grasp the basics of the crypto market. Less than 10k users are proficient with self-custody wallets and conducting on-chain transactions.
- Builder Landscape: Korea has many skilled builders and developers across various sectors, but the Terra-Do Kwon scandal has caused some to keep a low profile.
- Institutional Presence: Institutional adoption is currently limited, mainly involving IT and gaming companies like Nexon (@MaplestoryU ), LINE (@KaiaChain ), Netmarble (@MARBLEXofficial ), Wemade (@WemixNetwork ) and consumer brands like Lotte. Financial institutions are beginning to adopt blockchain, but their focus is currently restricted to RWA, not crypto due mainly to regulations
- Advisory, Consulting, and Investment for Builders: @hashed_official is the most prominent brand, though many small but agile local agencies also operate in this space.
- Regulation: The regulatory environment remains unclear
2. Marketing and Education through Local Partners
To successfully enter the Korean market, it’s crucial to collaborate with local partners, including research firms, venture capitalists (VCs), key opinion leaders (KOLs), media, and community outlets. Here is a curated list:
- Research (Fundamental): @FourPillarsFP , @Tiger_Research_ , @Xangle_official , etc.
- Marketing Agencies (Research & KOL Management): @INF_CryptoLab , @DeSpreadTeam , TEB, etc.
- Media/Community: @CoinnessGL , @bloomingbit_io (Hankyung Media), @FACTBLOCK (Financial news), etc.
- VCs: @hashed_official , @nonceclassic, @presto_labs , @alphanonce , @hyperithm etc.
- Trading: @alphanonce , @factomind @presto_labs , @hyperithm , etc.
- Dev houses & Validator: @dsrvlabs , @a41_allforone , @HaechiLabs , etc.
- KOLs (Ads, AMA, etc.): Whitewater Labs (Enjoy Hobby), @Edward__Park , Undefined Labs (@0xProfessorJo Jo), etc.
3. Exploring Potential Partnerships
If you specify your areas of interest, I can suggest relevant partners for you across various sectors, including web3 native builders, web2 corporations (gaming, consumer, IT), financial institutions, and CEXs.
4. CEX Token Listing
While major CEXs follow DAXA (the local CEX association) regulations, they retain the authority to list tokens independently. @upbitglobal and @BithumbOfficial dominate the market, holding over 90% of the share. Be cautious of scammers who might approach you, demanding listing fees or offering referrals.
5. Localization
To manage compliance and mitigate risks in the Korean market, it’s advisable to hire local professionals, either full-time or part-time, to effectively oversee business operations, provided the budget allows.
I noticed that many international crypto participants at KBW week are seeking a fundamental understanding of the Korean market. To assist with this, here’s a GTM strategy tailored specifically for Korea. Feel free to use and adapt it as needed. DMs are open
1. Understanding the Local Market
- User Insights: The Korean market is heavily focused on altcoins, with significant trading volumes occurring on CEXs. Over 10m (+20% of total population) people use CEXs for trading, yet fewer than 100k actively follow crypto news and grasp the basics of the crypto market. Less than 10k users are proficient with self-custody wallets and conducting on-chain transactions.
- Builder Landscape: Korea has many skilled builders and developers across various sectors, but the Terra-Do Kwon scandal has caused some to keep a low profile.
- Institutional Presence: Institutional adoption is currently limited, mainly involving IT and gaming companies like Nexon (@MaplestoryU ), LINE (@KaiaChain ), Netmarble (@MARBLEXofficial ), Wemade (@WemixNetwork ) and consumer brands like Lotte. Financial institutions are beginning to adopt blockchain, but their focus is currently restricted to RWA, not crypto due mainly to regulations
- Advisory, Consulting, and Investment for Builders: @hashed_official is the most prominent brand, though many small but agile local agencies also operate in this space.
- Regulation: The regulatory environment remains unclear
2. Marketing and Education through Local Partners
To successfully enter the Korean market, it’s crucial to collaborate with local partners, including research firms, venture capitalists (VCs), key opinion leaders (KOLs), media, and community outlets. Here is a curated list:
- Research (Fundamental): @FourPillarsFP , @Tiger_Research_ , @Xangle_official , etc.
- Marketing Agencies (Research & KOL Management): @INF_CryptoLab , @DeSpreadTeam , TEB, etc.
- Media/Community: @CoinnessGL , @bloomingbit_io (Hankyung Media), @FACTBLOCK (Financial news), etc.
- VCs: @hashed_official , @nonceclassic, @presto_labs , @alphanonce , @hyperithm etc.
- Trading: @alphanonce , @factomind @presto_labs , @hyperithm , etc.
- Dev houses & Validator: @dsrvlabs , @a41_allforone , @HaechiLabs , etc.
- KOLs (Ads, AMA, etc.): Whitewater Labs (Enjoy Hobby), @Edward__Park , Undefined Labs (@0xProfessorJo Jo), etc.
3. Exploring Potential Partnerships
If you specify your areas of interest, I can suggest relevant partners for you across various sectors, including web3 native builders, web2 corporations (gaming, consumer, IT), financial institutions, and CEXs.
4. CEX Token Listing
While major CEXs follow DAXA (the local CEX association) regulations, they retain the authority to list tokens independently. @upbitglobal and @BithumbOfficial dominate the market, holding over 90% of the share. Be cautious of scammers who might approach you, demanding listing fees or offering referrals.
5. Localization
To manage compliance and mitigate risks in the Korean market, it’s advisable to hire local professionals, either full-time or part-time, to effectively oversee business operations, provided the budget allows.
Disclaimer: I may unintentionally overlook key players, but this does not imply that they are irrelevant to the ecosystem.
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