South Korea’s crypto market has substantial growth potential, according to Frank Chaparro, head of content at crypto market-making firm GSR, after he attended Korea Blockchain Week. Retail participation is already highly active, but institutional infrastructure remains relatively underdeveloped. Chaparro identified a shortage of institutional market makers and custody firms, as well as the absence of a meaningful OTC market (direct trading outside public exchanges) comparable to that in the United States. He said the market structure could change significantly over the next few years. If infrastructure improves, South Korean conglomerates could add crypto to their balance sheets as part of diversification, with allocations reaching as much as 10%. Chaparro also described Upbit as a key South Korean market player and said major U.S. investors, including a16z, showed considerable interest in supporting South Korean founders.