The MOU signed with the South Korean Web3 giant will open the door to a greater presence in the region for WOO Network
Hungry for growth
WOOFi is thrilled to announce a partnership with Burrito Wallet - a subsidiary of South Korea’s leading crypto exchange Bithumb which has 8 million registered users and $5B+ consistent daily volume. As one of the most well-established and influential mobile wallets in the region, Burrito will help put WOO on the map of top Korean traders.
The partnership will see WOO Network’s decentralized swap ‘WOOFi’ featured prominently on the main page of Burrito Wallet. In unison, WOOFi will add custom support for Burrito Wallet, making it an attractive destination for Koreans who wish to leverage WOOFi’s one-click cross-chain swaps, single-sided yield, and revenue sharing.
Ben Yorke, Ecosystem Lead of WOO Network commented: “As a big believer in both user-friendly DeFi applications and Mexican food, I’m excited to get to work growing volumes alongside Burrito Wallet. The Korean market is one of the strongest for trading, and we are salivating at the chance to learn from our newest partner’s expertise.”
Max Minchul Shin, CEO of Burrito Wallet added: "In the rapidly evolving crypto landscape, Web 3 wallets and DEXs emerge as the transformative pioneers, empowering users with unparalleled control over their digital assets and fostering a decentralized, borderless financial ecosystem. Embrace the future, where ownership meets freedom. We are thrilled to embark on this exciting journey of collaboration with Burrito Wallet & WOOFi. Together, we aim to revolutionize the DeFi space, empowering users with cutting-edge financial solutions and unlocking new possibilities for growth and prosperity"
A recipe for success
The alliance forms just one month ahead of Korean Blockchain Week - a crypto conference held in Seoul from September 4th -10th that’s set to bring together some of the brightest minds in the industry to discuss matters pertinent to the future of Web3. Burrito Wallet and WOO Network will grasp the opportunity to co-host a side event, the details of which will be revealed soon.
In addition to the aforementioned Korean offline event, trading competitions and also wider marketing initiatives are being explored by both parties to make more joint splashes in the coming months. Other efforts are also being undertaken to spearhead the expansion of WOO in the region as we make contact with notable and reputable Korean influencers and broadcasters.
The combination of a crypto-friendly government, a smorgasbord of robust exchanges, and a tech-savvy population has earned South Korea a reputation as a crypto oasis. As of 2023, the country is estimated to be the third-biggest cryptocurrency market in the world, and the Korean Won now ranks among the top five most traded currencies for Bitcoin.
Institutional investment has risen sharply with South Korea’s National Pension Service (NPS) recently investing 2% of its total $2.6 billion fund into crypto to diversify its portfolio. It’s an extremely exciting time for Korea from a crypto perspective with many signs pointing toward a promising future, and WOO Network is eager to act now before this trend intensifies in the coming years.
More about Burrito Wallet
Burrito Wallet is onboarding Korean traders into DeFi through its highly user-friendly interface, multi-chain support, and gamified Burrito NFTs with a unique ranking system. After gaining traction in Korea, Burrito Wallet is also planning its next phase of growth through LATAM and Southeast Asia. You can download Burrito Wallet here.
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