Singaporean meme coin-focused startup MemeCore is planning to enter the Korean market by purchasing an company listed on the Kosdaq stock exchange.
According to a recent press release from the company, the layer 1 blockchain project declared that it is currently in the negotiation phase of the acquisition of a South Korea-listed company. The firm declares it is in the process of reviewing several company listed on one of the leading stock exchanges in the country.
At press time, the company has not unveiled the name of the Kosdaq-listed company it plans to purchase. However, it has revealed what it plans to do after the acquisition. The company hopes to take the next step by registering for ISMS certification and Virtual Asset Service Provider licensing in Korea.
CEO of MemeCore, Jun, said that the company wants to expand its operations into the South Korean market because of the increasing demand for digital assets in the region.
“By acquiring a Kosdaq-listed company, we aim to establish a stronger foothold in South Korea — one of the most active markets in crypto trading — and further accelerate our expansion into the region,” said Jun.
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MemeCore eyes South Korea’s crypto boom
Cryptocurrency adoption has been a hot topic in South Korea, considering both candidates in the presidential race endorsed pro-crypto initiatives. The recently elected president, Lee Jae-myung, wants to legalize crypto ETFs in the country as well as invest $884 billion from the country’s pension fund into crypto assets.
According to data from The Bank if Korea, one-third of the South Korean population holds crypto assets, reaching a combined value of up to $74.5 billion worth of assets.
MemeCore recently made headlines when it became the second-largest holder of the official TRUMP meme coin, owning 1.3 billion TRUMP (TRUMP). The firm was invited to an exclusive dinner with President Donald Trump on May 22 for the top 220 meme coin holders. MemeCore co-founder, ICE, attended the event on behalf of the company.
The company wants to “redefine meme coins as lasting cultural and economic assets” by introducing a new wave called Meme 2.0, which features its proprietary consensus algorithm dubbed Proof of Meme.
The protocol claimed Proof of Meme works to enhance on-chain value and the connectivity of various community-driven meme coins in the market.
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