Citadel's EDXM Plans to Launch Korean Won Perpetual Contracts, Challenging the World's Largest Offshore Korean Won Derivatives Market

ZkProver · 2026-03-24T04:07:00+00:00

EDXM International plans to launch perpetual contracts pegged to the Korean won in April, entering the Korean won non-deliverable forward market with a daily average of $27 billion. Using KRWQ stablecoin as the underlying asset, it offers lower costs than traditional NDFs and supports instant settlement, drawing attention to South Korea's digital asset legislation.

ZkProver

2026-03-24 04:07:00

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ChainCatcher reports that Citadel Securities-backed crypto exchange EDXM International announced plans to launch a perpetual contract product linked to the Korean won in April, directly entering the world’s largest offshore Korean won derivatives market: the non-deliverable forward (NDF) market, which has an average daily trading volume of about $27 billion.

The product is based on the offshore Korean won stablecoin KRWQ, issued by Brainpower Labs registered in the Cayman Islands in October 2025. Traders can bet on the KRWQ/USDC exchange rate by going long or short, settled entirely in USDC without actual delivery of Korean won, avoiding Korea’s capital controls. EDXM CEO Kai Kono stated that the cost is 50% to 75% lower than traditional NDFs and supports instant settlement.

The Korea Financial Services Commission has not commented. Some believe that if the product attracts significant institutional funds, it could put greater pressure on Korea’s long-stalled digital asset legislation process.

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