Lombard "Full-scale push into South Korea's Bitcoin financial market"

Bitcoin (BTC)-based on-chain financial platform Lombard announced on the 26th that it will actively pursue expansion into the Korean market.

Lombard manages $1.5 billion in assets and holds a majority share in the yield-bearing Bitcoin market within DeFi. Its flagship asset LBTC exceeded $1 billion within 92 days of its launch, showing rapid growth. It has chosen Korea as a market to promote future growth.

The first step is a collaboration with Korea Digital Asset (KODA), a virtual asset custodian that includes KB Kookmin Bank as a participant. The two companies will review institutional distribution methods for Bitcoin yield products.

Lombard said Korean investors showed strong interest even at the community sale held on August 26. About 21,000 people from 132 countries participated in the Lombard community sale, of which Korean investors were 1,200, accounting for 6% of the total. In particular, the average investment amount of Korean investors exceeded $5,000.

Lombard also listed its native token 'BARD' on domestic crypto exchanges such as Upbit and Bithumb to expand in the domestic market.

Jacob Phillips, co-founder of Lombard, said, "Korea is one of the most developed digital asset markets in the world," and "an important hub for the expansion of on-chain Bitcoin finance."