GSR executive sees room for growth in South Korea’s crypto market

Frank Chaparro, head of content at crypto market-making firm GSR, said after attending Korea Blockchain Week that South Korea’s crypto market has substantial growth potential, with retail participation already very active but institutional infrastructure still relatively underdeveloped. In a post on X, Chaparro said the biggest gap is market structure, adding there are not many institutional market makers or custody firms and there is still no meaningful OTC market like the one in the U.S. Chaparro said this could change significantly over the next few years. He added that if infrastructure improves, South Korean conglomerates could begin adding crypto to their balance sheets as part of diversification, with allocations reaching as much as 10%. Chaparro also said Upbit is a key player in the South Korean market and major U.S. investors, including a16z, showed considerable interest in supporting South Korean founders.