When it comes to the adoption of cryptocurrencies, South Korea is a country that sees no competition. The country is among the fastest crypto-adopting regions in the entire world. The country is even aiming to create many jobs and education sectors for the advancement of cryptocurrencies.
It is currently the only country with one of the highest economies in the world that has its politicians using cryptocurrencies as a means for increasing their vote-banks.
Whether it is the ruling political party in South Korea or the opposition, all of them are adding cryptocurrencies to their mandate. It has become quite obvious to everyone in South Korea that cryptocurrencies have now become a “must-have” technology in the country.
This is the reason why the adoption rate of cryptocurrencies in the country is really high. Even the mainstream institutions in the country have started making their moves in the cryptocurrency sector.
As of now, even the public fund and insurance companies in South Korea are aiming to benefit from the cryptocurrency sector. This is when the Korean Teacher’s Credit Union (KTCU), a public pension fund in South Korea has made an exciting announcement.
The KTCU has announced that it is aiming to gain exposure in the exchange-traded fund (ETF) space in cryptocurrencies. It has been revealed that the KTCU is aiming to gain exposure in the Bitcoin ETF space.
At present, the Korean Teacher’s Credit Union is considered one of South Korea’s largest institutional investors. The reports reveal that the KTCU is aiming to gain access to the Bitcoin ETF. The institutional investor has plans of doing it somewhere in the first two quarters of 2022.
One of the social news agencies that have covered the topic is The Korea Economic Daily. The particular agency issued a report on the matter on Monday, November 8, 2021.
In the report, the news agency has revealed that the KTCU is planning to make an investment in the ETF for Bitcoin. Apart from that, it is also aiming to make investments in Mirae Asset Global Investments, an asset management firm based in South Korea.
Mirae Asset Global Investments has gained a lot of recognition among the cryptocurrency industry for launching two exchange-traded funds. Both exchange-traded funds are based on Bitcoin and they tend to track the price of Bitcoin in the future.
Mirae Asset Global Investments hasn’t launched the ETFs for Bitcoin directly. Instead, it has done it through Horizons ETFs, which is the Canadian subsidiary for Mirae Asset Global Investments. Horizons ETFs had launched both of its exchange-traded funds back in April of 2021.
Given the way cryptocurrency is growing in South Korea and how mainstream institutions are adopting it, South Korea will soon become the hub for cryptocurrencies.