[Global Crypto Assets & Finance Conference 2021] A Comparative Analysis on the Actual Conditions of Chinese and Korean Defi Users_Seung Hwan Lee, CEO at Coinness

  • Global Crypto Assets & Finance Conference 2021
  • Host: Delio, Korea Crypto Finance Association (KCFA)
  • Date: January 27th — January 29th, 14:00–16:10
  • Website: https://conf.delio.io

Session 2: Successful Crypto Asset Investment Plan

▣ A Comparative Analysis on the Actual Conditions of Chinese and Korean Defi Users_Seung Hwan Lee, CEO at Coinness

Seung Hwan Lee, CEO of Coinness, compared the Chinese and Korean markets about why DeFi and yield farming were not explosively popular in Korea, and made a presentation based on cases and analysis.

The trend from the ICO craze to DeFi

Seung-Hwan Lee, CEO of Coinness said, “The trend of the cryptocurrency market in China and Korea was ICO in 2017, IEO in 2018–2019, and ICO and IEO in a mixed state. It led to investment,” he said. “DeFi was as destructive as ICO, given the high rate of return and the rate of asset growth.”

He added, “The community is the place to accept the new investment trend.” He said, “The temperature difference between Korea and China on DeFi is more pronounced in the media.”

Why didn’t the ICO and IEO boom lead to the interest and farming boom in Korea?

CEO Lee Seung-hwan said, “The first is our dependence on the KRW market.” He pointed out, “In Korea, it is easy to withdraw KRW because it is linked to a bank account. On the other hand, in Chinese, it is impossible to legally trade cryptocurrency in Yuan, so most of them have to use Bitcoin or USDT.” In addition, “Chinese investors are accustomed to investing and trading with key cryptocurrencies, so it can be said that hurdles are lower than those of Korean users.”

“The second reason is the absence of a main player in the market, the Chinese industry leaders are deeply involved in global cryptocurrency trends, and have the ability to understand what is happening in real-time and make it business”. “On the other hand, in the case of Korea, players were absent from how to commercialize a fairly new and difficult part of DeFi.”

CEO Seung-Hwan Lee pointed out that “the third reason is a poor community-based education system.” He said, “There is a limit to getting information as it is conducted around commercial meetups or large forums.”

Infrastructure is insufficient in Korea

Seung-Hwan Lee, CEO of Coinness said, “Investors have great difficulty in accepting new trends and learning new things. In China, on the other hand, companies with significant activities in the cryptocurrency industry have established themselves and quickly learn about new trends and technologies. “Because they acted as facilitators to understand, to commercialize, to introduce to local users, and to inflow, new trends were able to be accepted by people a little faster.”

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