Aptos will launch a crypto wallet in South Korea, more information about it

  • Aptos has a long history of operations in South Korea, with some challenging developments.
  • The company saw more user engagement during the crypto season in the third quarter.

Blockchain company Aptos (APT) and Atomrigs Lab have partnered with SK Telecom, a South Korean telecommunications company, to create a crypto wallet service.

SK Telecom said its partnership with Aptos will be the first non-Ethereum (ETH) virtual machine blockchain integration. The wallet device is designed to give users access to a blockchain-based app on their phone to store tokens.

Has a long history in South Korea

Aptos has a unique and complex history of working in South Korea.

Last year, the company Web3 announced in the game as it announced a partnership with NPixel, an important South Korea-based gaming studio, in November 2022.

In a funny case, Aptos was involved in a national joke earlier this year.

What happened is that Koreans started calling APT, the native Aptos token, “room.” They bought and held APT in the hope that it would one day be high enough to support apartment purchases.

Descriptions support APT’s performance charts. This made his market capitalization increase from $500 million to $2.5 billion in February.

In September, a fake APT-like token appeared on Upbit, a major Korean crypto exchange. A bug at Upbit caused the exchange to accept fake tokens because it didn’t verify the underlying source code.

Therefore, the exchange has temporarily suspended deposits and withdrawals before resuming services. However, it was unexpectedly caused by the exchange in which Aptos experienced a 678% increase in the stock.

More user interactions in the third quarter

Blockchain analytics company Messari published a report last month, describing the situation of Aptos in the third quarter of 2023. Importantly, the average of daily transactions, addresses, and new residences increased by 207%, 329%, and 410% quarter-on-quarter, respectively.

The increase in network usage is driven by the growth of DeFi.

His income increased from $147,100 to $268,000 in one quarter. However, its business turnover fell from $1.5 billion to $1.28 billion.

We can see that the crypto winter during the third quarter really affected the growth of Aptos, but it showed an impact with many users at the same time.

The token recorded an extraordinary 38% increase in its value in one month of continuous running. It was trading at $7.58 at the time of this publication.

Source: APT/USD, TradingView

This is an automatic translation of our English version.

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