A few takeaways from a very active Korea Blockchain Week: • KBW is apparently Korea’s largest tech conference, and there’s a real push to expand it and bring more foreign capital and attention into the market • Korea’s crypto market feels set for significant growth. Retail participation is already massive, but the institutional infrastructure is still relatively undeveloped • The biggest gap is market structure. There aren’t many institutional market makers or custodians, and there isn’t a meaningful OTC market like we have in the U.S. I expect that to change significantly over the next few years • As that infrastructure gets built, one likely outcome is large Korean conglomerates adding crypto to their balance sheets, potentially allocating up to 10% as a diversification play • Upbit is the kingpin. Everyone wants to meet with them, but they’re extremely elusive and protective of their position in the market • Major U.S. investors were out in force, including a16z, signaling serious interest in backing Korean founders • Korea is incredibly clean, the food is amazing, people are very polite, and there’s a coffee shop on seemingly every corner • They love iced coffee. We’re aligned.