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September 16, 2024

Outsourcing to Korean blockchain companies – Top 15 players

South Korea is the next big rising star in the blockchain world with the liberal government and a booming economy. According to Naver News, the government recently began a blockchain project worth 20 billion won ($14. 5 million) launched through the Ministry of Science and ICT and KISA. Such measures are becoming a part of the more general course aimed at strengthening South Korea as a global center of blockchain. To see how South Korea is leading the way in this field, let’s explore the top 15 Korean blockchain companies making an impact in the industry.

Top 15 blockchain companies in South Korea

These companies are known for their ability to deliver innovative blockchain solutions, from enterprise-grade platforms to decentralized applications. Here’s a closer look at the top players in South Korea’s blockchain scene.

* We rank these companies based on their proven ability to deliver fast and strong results. Our rankings are supported by thorough research on 50 blockchain development companies in South Korea.

Detailed information on the 15 blockchain companies in South Korea

1. McKinley & Rice Inc.

Best for: Businesses needing cross-border tech solutions, including blockchain development and AI integration.
Range of services: Blockchain development, AI-powered platforms, global tech outsourcing, and web development.
What sets them apart: McKinley & Rice focuses on cross-border technology solutions that help companies operate across international borders efficiently, allowing businesses to scale while minimizing costs .
One of the most successful case studies: McKinley & Rice partnered with a major multinational financial firm to develop a WordPress-based platform that facilitated global investment management. The solution was deployed quickly, meeting tight deadlines, and the platform streamlined their international operations.
Years of establishment: 6 years.

2. ITDA

Best for: Enterprises in need of blockchain identity management and financial services.
Range of services: Blockchain consulting, smart contract development, and decentralized identity verification.
What sets them apart: ITDA focuses on creating decentralized identity and financial systems, particularly for large-scale enterprises, helping reduce fraud and streamline transactions.
One of the most successful case studies: ITDA implemented a blockchain-based identity verification system for a leading South Korean bank, which enhanced user security and reduced operational costs by automating the verification process.
Years of establishment: 7 years.

3. CoinPlug

Best for: Bitcoin exchange services targeting South Korea and other Asian markets.
Range of services: Bitcoin exchange, wallet services, payment processing.
What sets them apart: A pioneer in Bitcoin services in South Korea, offering one of the first local exchange platforms.
One of the most successful case studies: CoinPlug worked with Korea Post to develop a blockchain-based remittance system. The project allowed for faster and cheaper international money transfers, streamlining services for millions of users and reducing reliance on traditional banking systems.
Years of establishment: 11 years.

4. Kokoa Finance

Best for: DeFi platform users looking for yield generation and stablecoin solutions.
Range of services: Cryptocurrency trading, yield generation protocol, decentralized financial products.
What sets them apart: First yield-generating stablecoin platform on the Klaytn network, offering stablecoins with zero-interest crypto loans.
One of the most successful case studies: Kokoa Finance successfully launched its Kokoa Stable Dollar (KSD), which allows users to borrow stablecoins with zero interest. The platform helped over 5,000 DeFi users earn interest on their crypto holdings while reducing risks associated with fluctuating interest rates. This has contributed to building a more accessible DeFi ecosystem on the Klaytn blockchain.
Years of establishment: 4 years.

5. Megaton Finance

Best for: Users looking for an AMM-DEX to trade tokens.
Range of services: AMM-based decentralized exchange (DEX) for trading and utilizing assets.
What sets them apart: Utilizes the TON network, allowing users to actively exchange tokens with decentralized liquidity pools.
One of the most successful case studies: Megaton Finance raised $1.5 million in seed funding, which was utilized to expand their cross-chain capabilities. The platform successfully integrated WTON Gateway, allowing assets from other blockchains (like Ethereum) to be transferred and traded on TON. This initiative enhanced liquidity for over 80 different crypto assets and increased the utility of TONcoin, strengthening TON’s DeFi ecosystem.
Years of establishment: 2 years.

6. D’CENT Wallet

Best for: Clients looking for secure digital asset storage and transaction solutions.
Range of services: Cold storage, secure key management, hardware security solutions.
What sets them apart: D’CENT Wallet is distinguished by its biometric security feature for managing digital assets, ensuring top-level security.
One of the most successful case studies: D’CENT partnered with Shinhan Bank, one of South Korea’s largest financial institutions, to implement hardware wallet solutions for securely storing and managing large-scale digital assets. This project ensured enhanced security for institutional crypto investments, protecting against potential hacks.
Years of establishment: contact for details.

7. CryptoQuant

Best for: Investors needing on-chain data and analytics tools for market insights.
Range of services: AI-driven blockchain data analytics, custom API solutions, on-chain data integration.
What sets them apart: Combines AI with on-chain data to deliver deep insights into cryptocurrency markets, tailored for data-driven investing.
One of the most successful case studies: CryptoQuant collaborated with Binance, providing real-time on-chain analytics that helped the platform identify abnormal trading activities and mitigate risks. This project enabled Binance to protect its users from potential fraud by identifying unusual patterns early.
Years of establishment: 6 years.

8. Proof Suite

Best for: Businesses seeking decentralized financial solutions and data privacy.
Range of services: Decentralized finance (DeFi), data security, blockchain-based asset management.
What sets them apart: Focuses on bringing decentralized finance solutions to various industries such as real estate.
One of the most successful case studies: Proof Suite collaborated with Avocado Terminal to build a decentralized marketplace for real estate transactions, using blockchain to ensure transparency and reduce fraud in property deals.
Years of establishment: 7 years.

9. Bitholla

Best for: Enterprises looking to build crypto exchanges or integrate trading platforms.
Range of services: Exchange platforms, trading infrastructure for cryptocurrency.
What sets them apart: Offers scalable solutions for cryptocurrency exchanges, with a focus on security and transaction efficiency.
One of the most successful case studies: Bitholla developed a customized trading platform for a major South Korean bank, allowing secure and fast crypto transactions for institutional clients. This project helped the bank streamline its trading processes and improve security.
Years of establishment: 4 years.

10. Valores.cc

Best for: NFT ticketing platforms and event organizers.
Range of services: NFT marketplace, NFT ticketing system.
What sets them apart: Specializes in EVM chain compatibility, allowing seamless integration with popular blockchain networks like Polygon and Ethereum.
One of the most successful case studies: alores partnered with major event organizers to deploy NFT ticketing systems, enabling creators and fans to participate in ticketing systems that enhance security and ownership through blockchain technology.
Years of establishment: 4 years.

11. Overnodes

Best for: Companies seeking micro-payment solutions in the cryptocurrency space.
Range of services: Payment gateways, user-friendly onboarding for crypto and non-crypto platforms.
What sets them apart: Their seamless micro-payment systems provide efficient solutions for both crypto and traditional users.
One of the most successful case studies: Overnodes implemented a crypto micropayment system for a digital service provider, enabling faster, more secure transactions for both crypto and fiat users, significantly improving transaction efficiency and reducing costs for the service provider.
Years of establishment: 3 years.

12. Pillyze

Best for: Healthcare platforms looking for blockchain-based solutions.
Range of services: Healthcare data management, patient record storage on blockchain.
What sets them apart: Focuses on healthcare, leveraging blockchain to enhance the security and accessibility of medical data.
One of the most successful case studies: Pillyze worked with a South Korean hospital to develop a blockchain-based patient data management system, which improved the security and transparency of patient records while allowing for more streamlined patient care processes.
Years of establishment: 4 years.

13. Hashed

Best for: Blockchain startups and early-stage Web3 projects looking for funding and strategic guidance.
Range of services: Blockchain development, startup incubation, and investment.
What sets them apart: Extensive involvement in the blockchain ecosystem, fostering growth and innovation in the industry.
One of the most successful case studies: Hashed invested in Axie Infinity, a blockchain-based game that allows users to earn real-world income through gameplay. This project became one of the most successful blockchain games globally, contributing significantly to the play-to-earn model and redefining the future of gaming. Hashed’s early-stage support helped Axie Infinity scale and gain global recognition.
Years of establishment: 7 years.

14. Blocko

Best for: Large enterprises needing secure and scalable blockchain solutions.
Range of services: Enterprise blockchain platforms, decentralized apps, and cloud services.
What sets them apart: Backed by Samsung, Blocko is one of the largest blockchain service providers in South Korea.
One of the most successful case studies: Blocko worked with Lotte Card, a major South Korean credit card company, to implement blockchain-based identity verification services. The project helped streamline verification processes and significantly reduced operational costs for Lotte Card.
Years of establishment: 10 years.

15. Bespin Global

Best for: Enterprises requiring MSP and blockchain solutions.
Range of services: Managed cloud services, blockchain consulting, and implementation.
What sets them apart: The only ISO-certified MSP provider in Korea with extensive experience in cloud and blockchain integration.
One of the most successful case studies: Bespin Global helped Hyundai Motors integrate blockchain into its supply chain management. This project improved transparency and tracking across Hyundai’s global supply chain network, reducing fraud and enhancing operational efficiency.
Years of establishment: 9 years.

The 15 companies above show that South Korea’s blockchain ecosystem is undoubtedly rich with innovation, advanced technology, and impactful case studies. From Bitcoin exchanges like CoinPlug to enterprise blockchain solutions by Blocko and Hashed’s success in nurturing the play-to-earn model with Axie Infinity, blockchain companies in South Korea are paving the way for blockchain adoption across industries.

However, when it comes to exploring cost-effective, highly skilled, and globally recognized outsourcing destinations, Vietnam has quickly emerged as a competitive alternative for blockchain and software development in Asia.

With their skilled IT workforce, lower development price (due to the favorable exchange rate of the Vietnamese Dong to USD), and government support for outsourcing, Vietnam is an excellent choice for anyone looking to outsource blockchain development in Asia.

Vietnam – A growing destination for blockchain development

Vietnam is rapidly becoming a top destination for blockchain outsourcing, offering a rare mix of competitive costs, technical expertise, and a growing digital ecosystem. With nearly 50,000 IT graduates annually and over 400,000 active engineers, the country is producing a steady pipeline of talent skilled in blockchain frameworks and problem-solving. (source: FPT Digital)

Vietnam’s young, tech-savvy population is driving its rise as a global blockchain outsourcing hub.

Vietnam’s expanding digital infrastructure and government support have created an environment that fosters innovation. The government’s push for tech entrepreneurship and foreign investment has led to a surge in blockchain development centers and startups. Moreover, Vietnam’s interest in applying blockchain for public services underscores its commitment to this technology’s future.

From a cost perspective, Vietnam offers a major advantage. Blockchain development in Vietnam is significantly more affordable compared to traditional outsourcing hubs such as South Korea or the United States. The ability to access top-tier talent at a fraction of the cost without compromising on quality makes Vietnam an attractive destination for companies looking to scale their blockchain projects while keeping budgets under control.

As blockchain continues to revolutionize industries worldwide, Vietnam is positioning itself as a global leader in blockchain outsourcing. With its growing technical expertise, supportive government policies, and cost-efficient workforce, Vietnam is poised to become a crucial player in the blockchain industry.

Synodus: Bringing blockchain innovation to your business

Synodus providing cost-effective blockchain services in Vietnam

At Synodus, we specialize in blockchain solutions that are not only cost-effective but also tailored to solve the unique challenges businesses face today. With 9-year expertise in blockchain scalability, smart contract development, and decentralized finance (DeFi), we have helped companies streamline their operations, enhance security, and reduce costs. Our approach focuses on delivering blockchain solutions that align with your business goals, from consultancy to full-scale deployment.

Cost-effective, fast delivery and and English proficiency are also the 3 factors that make us different from other competitors.

With a development team based in Vietnam, we offer competitive rates of just $16-30/hour. This is possible because Vietnam’s local currency, the Vietnamese Dong (VND), has a lower exchange rate compared to stronger currencies like the US dollar (USD). Therefore, the development costs are lower when converted from VND to USD or other currencies, allowing us to offer high-quality services at a more affordable price for international clients while still paying competitive wages to skilled developers in Vietnam.

Additionally, our ability to deliver projects quickly means you can expedite your product’s time-to-market, supported by our fast-onboarding process, which takes just 14 days—something few other blockchain development companies can match.

Effective communication is also the key to successful collaboration, and our team’s C1-level English proficiency ensures smooth interactions and efficient project execution, eliminating common language barriers.

Whether you are aiming to build a secure, scalable platform or explore innovative digital solutions, Synodus combines local expertise with global standards, offering a unique blend of affordability and technical excellence.

Let’s talk about your blockchain project!

Conclusion

As blockchain continues to transform industries globally, choosing the right outsourcing destination is critical. While South Korea is renowned for its innovation and technological advancements, the challenges of higher costs and regulatory complexities can be limiting for some businesses. Vietnam, on the other hand, offers a compelling alternative with a growing talent pool, government support, and affordable solutions that maintain quality.

If you’re ready to take your blockchain project to the next level without breaking the bank, Vietnam—especially companies like Synodus—might just be the perfect fit. Why not explore the potential?