Key Takeaways on COVID-19 impact on the crypto industry from Junhaeng Lee, Streami

On 22 April, 2020, we discussed how COVID-19 impacted crypto industry with Junhaeng Lee, co-founder and CEO of Streami, the most innovative blockchain holding company in Asia-Pacific owning and operating the global top tier crypto exchange GOPAX and crypto custodian – DASK.

Here you will find some takeaways from the interview:

• People’s life is becoming more digital

Digitalization has not only reinforced the behavioral patterns among Millenials, but also among the wider population. The total size of the digital economy is only going to grow, that means that blockchain and crypto will work more native. In the long term this will also help for the adoption of crypto and blockchain.

• Current situation has accelerated the pace of adoption of crypto globally

Crypto is not a perfect hedge against S&P 500 but still a good risky hedge which could perform well when there is a collapse of traditional markets because it’s the type of assets which are completely isolated from the legacy system.

• Increase in the customer deposits and user acquisition

During the last months, crypto exchange GOPAX and some other market players saw enormous increase in the customer deposits and user acquisition rate. On one hand it’s due to the current macro environment – during uncertainty people are searching for opportunities to diversify their assets. On the other hand, GOPAX team worked hard on the fundamentals to make its infrastructure easy to use whenever customers want.

• The new crypto regulation in South Korea can help make crypto market healthier

Recently Korean government passed the crypto bill. It regulates virtual assets services providers and will come into effect in a year. Financial ecosystem players, such as conglomerates, financial institutions and even banks, make themselves prepared for the decree coming into effect, so they could launch products based on crypto assets.

Watch the video interview with Junhaeng Lee to learn more insights.

You may also find more information about Streami and ongoing offering on VNX platform here.