In a significant move to enhance the accessibility of digital assets in South Korea, Crypto.com has entered into a memorandum of understanding (MoU) with Kyobo Lifeplanet, the country”s pioneering fully digital life insurer. This partnership aims to explore innovative financial services that cater to the local market.
Announced on January 7, the collaboration will focus on facilitating access to digital assets through various initiatives, subject to compliance with local regulations. One of the key components of this partnership includes the potential introduction of a referral program. This program would allow eligible customers of Kyobo Lifeplanet to gain access to Crypto.com“s platform, offering benefits for those who complete the onboarding process and reach certain activity milestones.
Additionally, the partnership is set to evaluate a point-exchange mechanism. This would enable Kyobo Lifeplanet customers to convert their existing reward points into digital assets or platform points that could be utilized across selected services offered by Crypto.com. Beyond these initiatives, both companies are eager to explore broader cooperation opportunities, including the development of new digital financial products and potentially integrating embedded insurance models.
Eric Anziani, President and Chief Operating Officer of Crypto.com, commented on the partnership, stating, “At Crypto.com, we continue to expand access to digital assets through trusted, compliant, and user-focused platforms. This partnership with Kyobo Lifeplanet, a pioneer in the Korean InsurTech landscape, allows us to explore how our capabilities can support new, seamless financial experiences for a broader audience.”
Kim Young-seok, CEO of Kyobo Lifeplanet, emphasized the innovative potential of this collaboration, noting, “This partnership represents an innovation in digital customer experience by connecting digital insurance with global virtual assets. Kyobo Lifeplanet will continue to expand innovative service development and strategic partnerships based on its differentiated competitiveness in the rapidly evolving financial environment.”
Kyobo Lifeplanet operates a direct-to-consumer insurance model, leveraging digital underwriting and analytics-driven processes, which positions it uniquely to embrace the integration of digital assets into its offerings. The collaboration with Crypto.com marks a pivotal step in the evolution of financial services in South Korea, aligning with the growing trend of digital asset adoption.
