Foreign blockchain companies are looking for a chance to enter the Asian market. Moxyone was helped by TEXTree to localize their white paper from English to Korean, Chinese and Japanese.
From the total virtual currency transaction amount, China is taking up more than half at 56.8%. Adding the transactions from Korea and Japan, over 70% of total transactions occur in East Asia.
In such a period, a number of companies advance into the Asian market in order to expand their business to Asia.
- [ Evidence of the Asian Blockchain Market’s Value ]
Circle (a company that owns a payment settlement technology based on the Blockchain) started to advance into the Asian market by organizing a dedicated team in Korea and Japan through the Poloniex (a global cryptocurrency exchange that Circle recently acquired). Jeremy Allaire, CEO of Circle, anticipates growth of the Poloniex through the Asian market expansion.
Li, a supervisor of the business in Asia for Bitfury group (a full-service Blockchain company), nominated Korea as the most promising and attractive Blockchain market. For that reason, he mentioned, “Korea has a large economic scale with the high level technology. Moreover, numerous people and companies are interested in Blockchain-based cryptocurrency.”
Frederic Montagnon, the president of the Legolas Exchange (a French cryptocurrency exchange), stated, “Korea has various opportunities of becoming the center of the Blockchain industry. We hosted ICO a few months ago, and we have promoted in the US market and European market as usual. Nevertheless, we found that Korea has a great interest in us as 25% of the total access is from Korea.”
- [ Language Barriers ]
Foreign companies will face language barriers. Therefore, to initiate blockchain business in Asian markets, they should overcome the barriers.
Since East Asian countries like Korea, China, and Japan do not speak English as a mother language, their comprehension in English is low. Thus, if they encounter the website or product introduction in English, this can leave them uninterested.
In fact, when customers in East Asia see some websites or services in their native languages, the result shows increased regular customers by 74%, customers’ higher value appreciation by 56% and increased online shopping by 55%.
Especially, the localization for the targeted county is mandatory to make people understand the concept of Blockchain technology-based service to receive investment from the Asian investors or encourage people to participate in the service.
- [ Localization for Business Expansion ]
MoxyOne, a token platform company aiming at functioning as an actual currency system, established the business of providing a stable transaction between cryptocurrency trading companies. MoxyOne interpreted the great interest regarding cryptocurrency shown in Asia as a high potential for the cryptocurrency trading realization.
Localizing into Asia is complicated if MoxyOne does it by itself, therefore, they decided to select some professional company for localization in the Asian market.
Mo Abbas, the co-founder and back-end developer of MoxyOne, considered two points when choosing a company for localization in order to enter the Asian market. The first point is to choose a company that knows the Asian market in depth, and the second point is if a company deeply understands the Blockchain technology.
Although it was not easy to find such a company, TEXTree (Korean company) was selected after testing sample translations among a few companies. TEXTree helped MoxyOne to localize their white paper in Korean, Chinese and Japanese.
Abbas added, “we were able to reach and appeal to the potential investors effectively through the localization service of TEXTree, and we are very satisfied with their localization service.”
If you are a foreign company and looking for the stepping-stone of the Asian market just like MoxyOne, it is a good idea to inquire into either expert translation companies or localization companies in the region in terms of Blockchain white paper and the websites.