Joseph Lubin: "MetaMask Discussing Cooperation with Korean Financial Institutions"... Wishing Well for Competition with GIWA

[Block Media Intern Reporter Lim Kyung-mi] Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, revealed that MetaMask and ConsenSys are in discussions with Korean financial institutions. Although they will not open an office in Korea immediately, he noted that Korea, with its strong retail sector, will bring 'K-everything' onto the blockchain, and institutions need to catch up with international trends. Regarding competition with domestic wallets like Upbit's GIWA, he expressed a relaxed attitude, saying, "I hope they do well."

CEO Lubin responded to our question about collaboration plans with Korean financial institutions during a press conference held at the Walkerhill Hotel in Seoul on the 30th, stating, "(Collaboration with Korea) is already happening and has been ongoing for some time."

Negotiations with Korean Financial Institutions... Collaborations with Research Institutions and Influencers

CEO Lubin specifically introduced ongoing activities in Korea. He mentioned that he met with the digital asset (virtual asset) research institution Tiger Research the day before to discuss the Korean market. He reported that Tiger Research evaluated MetaMask as the most widely used and trusted wallet in Korea, adding that the gap with the second place is also very large.

They have also targeted the retail market. CEO Lubin stated, "Over the past year, we have done significant work in the retail sector of Korean blockchain culture with key opinion leaders (KOLs) and influencers in Korea." He explained that they are working with traders who have large communities and influencers who run YouTube channels.

In the institutional sector, discussions are ongoing with financial institutions. He stated, "We are in discussions with Korean financial institutions."

He drew a line regarding the opening of a Korean office. CEO Lubin said, "Opening an office in Korea will not happen immediately," adding, "Instead, we are regularly visiting Korea to interact with key figures in the community."

After his response, he brought up the office issue again, saying, "Let me clarify one thing." CEO Lubin explained, "ConsenSys does not have many offices worldwide, but we have many employees in various countries, including several Korean employees and those who speak Korean, so it is essentially the same as having an office in another country." He emphasized that not having an office does not mean Korea is less important.

"Korea Will Bring K-everything onto the Blockchain"

CEO Lubin cited the high energy of the Korean blockchain community as the reason for his visit to Korea after seven years. He explained that local employees have been doing a lot of work with the local community, and as the market accelerates, they have increased their activities in Korea and Asia.

He highlighted content as a strength of Korea. He explained that they have built a decentralized finance and global digital asset payment layer on Ethereum and are now at the stage of combining traditional finance with DeFi. He continued, "The next layer will be social, cultural, entertainment, and gaming," predicting that "Korea will be very strong in bringing K-everything onto the blockchain." This means that Korean content like K-culture and K-drama can transition into blockchain-based social networks, games, and prediction markets.

He viewed the institutional sector as still a challenge. CEO Lubin stated, "Koreans have a different relationship with technology, especially in retail," diagnosing that "institutions need to catch up with what is happening in other regions." However, he noted that there has been significant change compared to seven years ago. He recalled, "I don't remember seeing anyone in a suit among the audience at that time," adding, "Now, the large venue is filled with business attendees in suits."

He also evaluated that the market atmosphere, which had cooled down after COVID-19, is reviving. He mentioned that the phenomenon of reduced energy and optimism was seen globally during and in the years following the COVID-19 period, stating, "Now, the energy is increasing, and it is distinctly felt at every event attended."

"Wishing Well for Upbit's GIWA Wallet... MetaMask as the 'Global Wallet'"

He showed a relaxed attitude regarding competition with domestic wallets. When asked if domestic wallets like Upbit's GIWA could be competitors, CEO Lubin briefly replied, "No," which elicited laughter in the press conference room. He then added, "I answered a bit playfully," explaining, "MetaMask is very important to us and is an overwhelming wallet globally, so we consider it a 'global wallet.'"

He stated, "Whether it’s MetaMask or any other wallet, it serves as an interface into the next-generation economy," expressing, "I hope they do well." He added, "I hope they find a great niche market, and perhaps there could be interoperability."

CEO Lubin also expressed his intention to consistently attend KBW. He mentioned, "I almost came last year, but I couldn't attend due to various circumstances," and added, "It is almost certain that attending KBW will become a pattern over the next few years." He further noted that KBW will be one of the largest event weeks of the year.

Meanwhile, ConsenSys plans to separate the company into two entities, MetaMask and ConsenSys, by the end of this year. CEO Lubin will serve as the chairman and CEO of MetaMask and the newly established ConsenSys board after the separation.

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