The ripple effects of PayPal finally getting on board the crypto gravy train yesterday – enabling bitcoin (BTC), ethereum (ETH) and other altcoin purchases in the USA – are being felt all over the world. In South Korea, firms with relationships with crypto companies have seen their share prices rise on the news.
Woori Technology Investment, which owns a stake in crypto exchange Upbit operator Dunamu, today saw its price rocket up 29.85% on the previous day’s trading at the KOSDAQ exchange per official figures hosted on Naver.
No South Korean crypto firms are publically listed, although market-leading exchange Bithumb has previously unveiled plans to launch an initial public offering (IPO).
There were also significant gains for SCI Evaluation, a KOSDAQ-listed company that was bought up by the fintech and crypto unicorn Toss in a deal last month. The former company today saw share prices climb day-on-day by over 11% per KOSDAQ figures.
Vident, the largest shareholder in Bithumb, saw day-on-day growth rocket up 1,040 points to over 17%.
And there was also strong growth of almost 30% for Atinum Investment, a venture capital firm whose portfolio includes a number of blockchain companies.
There were similar rises for KPM Tech, a firm that has expressed its keenness to launch a crypto exchange.
PayPal’s own share prices jumped by 5.5% on the news, with the company selected as the Investor’s Business Daily’s Stock of the Day yesterday.
Elsewhere in the world, there were some similar rises in global markets, with Canada’s Hive Blockchain Technologies posting growth of over 10% on the Canadian Venture Exchange.