DeSpread, a Seoul-based blockchain and Web3 consulting firm has announced a strategic partnership with Arbitrum, a leading Layer 2 scaling solution for Ethereum, to foster blockchain innovation and development in South Korea.
The collaboration aims to create a vibrant ecosystem for Korean developers and users who want to leverage the scalability and cost benefits of Arbitrum’s products, including ARB One and Nova.
Ethereum is a dominant platform for web3 applications, commonly including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.
However, its network suffers from high congestion and fees, limiting its usability and adoption. Arbitrum solves these challenges by offering a fast, secure, and low-cost Layer 2 solution that inherits the security and decentralization of Ethereum.
The collaboration will use DeSpread’s 3ridge platform to provide education, consulting, and funding for blockchain projects and developers, to introduce and implement Arbitrum’s products, including ARB One and Nova, to the Korean market.
While, DeSpread, which has expertise in various web3 domains, will use its local presence and network to raise awareness and adoption of Arbitrum’s offerings among Korean developers and users.
It will also create localized guides and resources to lower entry barriers and facilitate the integration of Arbitrum’s technology.
Furthermore, the partnership aligns with the Arbitrum Foundation’s wider expansion efforts since its launch in March 2023.
The Foundation oversees the development and governance of Arbitrum’s network and community, with a vision to enable a more scalable, interoperable, and inclusive web3.
Arbitrum has already achieved significant adoption and traction among leading web3 projects, but this specifically plans to unlock an important East Asian market for Arbitrum’s growth plans and contribute to Ethereum’s evolution.
The South Korean market is one of the most dynamic and lucrative markets in the world, especially for e-commerce and web3 applications.
With a population of over 51 million people, a high internet penetration rate of 99.7%, and a strong appetite for innovation and quality, the Korean market offers a great opportunity for sellers and developers who want to expand their business internationally
DeSpread’s Director and Head of Business Strategy, Jeff Kim had this to say about the development;
“Arbitrum boasts top performance among Ethereum Layer 2 solutions. With this partnership, we will support Arbitrum in establishing the best developer and user ecosystem in the Korean ETH landscape and elevate its awareness accordingly.”
With all these plans in place over the next few years, South Korea could become a major market for the international hub on web3 technologies.
