Blockchain moguls explore Korea's potential at Upbit D Conference 2023

Song Chi-hyung, chairman of Dunamu, delivers a welcome speech during the Upbit D Conference 2023 at Grand Walkerhill Seoul, Monday. Courtesy of Dunamu

Under the theme 'All That Blockchain,' over 3,700 participants gain cutting-edge insights

By Lee Yeon-woo

International blockchain moguls discussed Korea's potential in the global blockchain market at the Upbit D Conference (UDC), the leading blockchain event in Korea, which kicked off at the Grand Walkerhill Seoul, Monday.

Under the theme "All That Blockchain," 39 blockchain experts from 29 countries shared their knowledge and insights with over 3,700 participants. This time, the event, which originally focused on the technology itself, broadened its horizon. Its sessions included, but were not limited to industry trends, regulations, finance and business, and culture.

Emily Parker, executive director of CoinDesk, pointed to the country's focus on retail investors, the power of centralized exchanges, and strong public interest in altcoins.

"According to a survey by the Korea Financial Intelligence Unit, the number of crypto investors in Korea is expected to reach approximately 6 million in the first half of 2023, which is an astonishing figure accounting for over 10 percent of the total population of Korea," Parker said.

"Korean exchanges had an explosive reaction to news related to Ripple. The trading volume of the four major Korean exchanges, which recorded $27 billion in June, increased to $37 billion in July, a 37 percent increase from the previous month," Parker added.

In July, a U.S. judge ruled in favor of Ripple Labs against the country's securities authority, putting brakes on the U.S. Securities and Exchange Commission's efforts to regulate certain cryptocurrencies.

Roger Ver, the founder of Bitcoin.com, speaks at the Upbit D Conference 2023 at Grand Walkerhill Seoul, Monday. Courtesy of Dunamu

Roger Ver, the founder of Bitcoin.com and an early investor in the blockchain ecosystem, echoed the sentiment, showing enthusiasm for Korea's fast and organized system.

"It takes days to make a crypto transaction in many other countries. If the world had a system that is fast and effective like Korea, even comparable to the domestic banking system, the entire economy could produce products and goods for every single person on the planet. But it only works in Korea, unfortunately not most of the world," Ver said.

While praising Korea's "ppalli-ppalli" (hurry-hurry) culture as "fantastic," he noted that many other countries, such as Japan and Dubai, are competing in the global market.

"Korea should make sure it has an open arm for this new technology, so people all over the world want to come to Korea to do that."

Alexandre Dreyfus, CEO of Chiliz, who discussed blockchain's possibilities in sports industries, also mentioned Korea's keen interest in sports and esports as an asset to the sector, suggesting that collaborations with K-pop bands and international sports teams such as Juventus and FC Barcelona can also be expected.

Alexandre Dreyfus, CEO of Chiliz, speaks at the Upbit D Conference 2023 at Grand Walkerhill Seoul, Monday. Courtesy of Dunamu

Korea's current state and future prospects of blockchain

SKT Executive Vice President Oh Se-hyeon provided insights into the current state and future prospects of Web 3.0 and blockchain services in Korea.

"When we look at the announcement made by the science ministry in June, it puts a lot of focus in sectors such as SaaS, AI service, OTT, metaverse and blockchain, not only regulating."

Oh cited several instances where Korea began participating in Web3 initiatives.

For example, starting in October, the Bank of Korea began exploring the concept of a Central Bank Digital Currency (CBDC), a new form of digital money issued by the central bank. In February, the Financial Services Commission announced its first guideline on Security Token Offering (STO), a process that allows companies or individuals to issue various assets as digital tokens using blockchain technology.

Participants listen at the Upbit D Conference 2023 at Grand Walkerhill Seoul, Monday. Courtesy of Dunamu

There were online sessions too, delving into current industry trends, including Decentralized Finance (DeFi), sustainability, NFTs and social impacts.

"Dunamu has been operating UDC since 2018. We hold a sense of duty to activate the domestic blockchain ecosystem and contribute to making it popular," Song Chi-hyung, chairman of Dunamu said in a welcome speech. "I hope UDC has delivered good inspiration and has the opportunity to network with fellow attendees. I look forward to meeting you next year."

Over the past five years, more than 1,190 companies and over 19,100 participants have taken part in UDC. Recognized for its educational and non-profit nature, the conference has been praised for its deep, insightful lectures by global experts and a variety of engaging sessions.

All sessions of UDC 2023 can be viewed through the official UDC YouTube channel and the official website.