"Blockchain Heroes" is an in-depth interview series in which Sim Jun-sik, CEO of blockchain media outlet Bion Media, shares his thoughts with leaders in the digital asset market. It vividly conveys their lives, philosophies, and future visions, and explores ways for Busan to grow into an Asian digital asset hub.
Prologue: Busan Boy Stands on the Global Digital Asset Stage
Busan Namcheon-dong Beach. A middle school boy was undergoing harsh training at the swimming pool. "My right butt was always red and my left butt was blue. It was because of the coaches' harsh punishment when I was a middle school swimmer."
The boy grew up to become the CEO of a promising digital asset platform. This interview is about the success and failure of Waybridge CEO Jongwook Oh, and the real opportunity that finally came.
Chapter 1: Trials and Lessons of Starting Your First Business
The choice of the promising youngest fund manager
"It seems a bit grand to call myself the youngest manager."
Contrary to his humble first words, CEO Oh Jong-wook’s resume was impressive. He graduated from Seoul Science High School and KAIST’s Department of Industrial Engineering, and worked as a research analyst at Mirae Asset Global Investments and Samsung Asset Management for 10 years. Thanks to his background in engineering and financial engineering, he was able to rise to the position of fund manager early.
But the 2008 financial crisis changed everything. "Financial companies' services and funds were greatly reduced. At that time, IT was changing finance, and didn't Bitcoin come out in 2008?"
As the traditional financial industry was shrinking, CEO Oh sensed the winds of change. When asked why he left his stable job at a large corporation, his answer was surprisingly honest. “Rather than being certain, I wanted to make a little change. I founded the company in 2014 with the idea of changing the financial ecosystem led by IT.”
First Startup: The Bitter Taste of Failure
But the reality was not easy. The first startup ended in miserable failure.
"There were things I did quickly when I was very young, didn't know much, and didn't know the organization. I think those were the hardest times."
The most painful moment was the process of reorganizing the company. "Anyway, it's a business where people come together and do business, and when they have different wants... The most difficult experience was when I had to break up with my co-founder, the CEO."
The failure was bitter, but it left a valuable lesson. "There was an aspect where I came to value people, and I realized the importance of the organization and other aspects, but in the end, it's all done by people, even though it's a startup."
A book that changed my destiny
There was a book that helped me overcome my slump: Ben Horowitz's Hard Thing.
"This is a book that helped me personally when I was doing business. It's very direct, and in any case, there can be many people who are weak-hearted and kind but weak-hearted due to different interests, but I think it was a part that could encourage that kind of mindset and this kind of thing when doing business."
This book gave him a firmer mindset as a businessman. "When I started my first business, it was a bit difficult to wrap things up, but what I learned then helped me be more solid when I started my second business."
Chapter 2: The DNA of a Busan Boy - Strength Created by Hardship
Harsh training starting in middle school
Where did Representative Oh’s strength come from? The answer lies in his childhood in Busan.
"I lived in Busan. I lived in Namcheon-gu, and I swam in front of the Namcheon Bit Old Apartment and Gwangalli Apartment. I also played sports in Sajik as a Busan representative and participated in the National Sports Festival."
But the process was harsh. "What was hard at the time was that I was hit a lot. I was hit a lot. I started playing sports when I was in middle school, and my right butt was always red and my left butt was blue. It was because the coaches hit me so much."
Eventually, I couldn't stand it anymore and went up to Seoul. "I couldn't stand it anymore, so I went up to Seoul with my older sister when she was entering high school."
The indomitable spirit created by pain
However, this harsh experience actually became his greatest asset. "As I got older, something that really worked for me was that there wasn't much that was difficult. After that point, no one hit me, and there were things I could just sit down and do, and I think that aspect really raised my standards."
He humbly says that he was "lucky" to get into Seoul Science High School, but he went there for the sake of experience. "Even though I look at my friends from Busan who were doing sports, they're all doing well now. I think they have that kind of tough spirit."
This experience created his motto. "The phrase I've used since I was young is 'The world belongs to those who challenge themselves.' I think my experiences swimming and exercising have made me enjoy taking on challenges."
Chapter 3: The Web3 World as Seen Through the Eyes of an Institutional Financier
New Uses for Quant Expertise
Representative Oh’s differentiating point is his experience in institutional finance. However, this background is a double-edged sword in the digital asset industry.
"Friends who started in Web3 are much better at creating innovative services. There have been many friends who have been creating financial ecosystems that never existed before, such as DeFi, since the early 2010s."
But the limitations were clear. "Innovations that do not take into account institutional finance, regulation, or investor protection at all tend not to be considered innovations in the institutional system. Innovations that do not follow the rules are too radical and difficult for people to accept."
That's why Waybridge's approach is different. "The Web3 service and crypto service that people who have experience in institutional finance are changing are a little different. It's not something that is too innovative, but it's just one or two steps beyond what the existing institutional system was doing."
Bitcoin ETF: The Fine Balance of Innovation and Safety
Representative Oh explained his philosophy using Bitcoin spot ETFs as an example. "Bitcoin spot ETFs are actually a product that can be created, but they change slightly depending on issues of interpretation, whether they can be included as underlying assets, and whether they are products that can be entrusted under the Trust Business Act. I think the public and financial authorities wanted a little more innovation."
This approach has been the secret to his success. “I think my experience working at an asset management company has been a great help in making small changes in the digital asset market and in creating ETFs as a safe product that investors can invest in with a little more ease.”
Chapter 4: New Opportunities Found on the Global Stage
Structural limitations of the Korean market
The reason why Waybridge targeted the global market from the beginning was because of the structural limitations of the Korean market. CEO Oh explained the fundamental differences between the stock market and the digital asset market as follows.
"In the case of domestic stocks, all Korean stocks are traded on the KRX. There is only one distribution channel."
This is a traditional centralized market structure. One product is traded on one exchange, and to access that product, you must go through that exchange. All securities companies have no choice but to rely on one pipeline called KRX.
"But in the case of Bitcoin and Ethereum, each product, Bitcoin and Ethereum, are traded in various ways in various countries and exchanges around the world."
This is a completely different paradigm. The same Bitcoin is traded on Coinbase in the US, Upbit in Korea, and Kraken in Europe. It is a global market that is traded 24 hours a day, crossing physical borders.
Differences in market participant structure
The bigger difference was in the market participant structure. "In the Korean market, there are Upbit, Bithumb, and custody wallet services, but in reality, people only imagine these services, so they have a somewhat small idea of the digital asset ecosystem."
Korea had an exchange ecosystem centered on individual investors. Individuals were the only ones buying and selling on Upbit and Bithumb.
Discovering the Institutional Investor Market
Looking at overseas markets, a completely different landscape unfolded. "In overseas virtual asset markets and digital asset markets, there are a lot of specialized services for institutions. Even on the Coinbase exchange, institutional transactions account for 80%, while individual transactions account for less than 20%. Because of that, the market itself is fundamentally different."
This was a shocking discovery. In Korea, digital assets were considered a ‘means of speculation for individuals,’ but overseas, they had already become a major asset class for institutional investors.
"Financial companies are ultimately divided into asset management, securities, insurance, and banking, but the digital asset market is not divided into these industries at all and there are no regulations, so it is actually more difficult to access, and from the individual's perspective, it seems that only the slightly speculative UI/UX, such as buying and selling on exchanges, is highlighted more."
Chapter 5: Dolfin - A New Ocean for Institutional Investors
The real difficulties faced by corporations
The opportunity that Representative Oh discovered was right here. Individuals and corporations are fundamentally different entities.
"Individuals can just buy and sell on an exchange while taking on their own risks, but corporations have a legal entity, a responsible organization, and executives. If none of these people know about cryptocurrencies, they cannot make decisions to buy, sell, or invest in Bitcoin."
If you are an individual investor, you can just turn on Upbit at night and buy money, thinking, "Oh, I heard Bitcoin is going up," and that's it. But what if an executive of a listed company suggests to the board of directors, "Let's exchange 10% of our company's cash into Bitcoin?" The board members will ask, "What is Bitcoin? How volatile is it? How is tax treatment? Where is it stored?"
To solve these realistic problems, Waybridge created the 'Dolfin' platform. "For such institutions, the funds that can be used and invested are converted into crypto, and when that is converted, how to safely store it, manage assets, check balances, and handle accounting, etc., these are services that Upbit or Bithumb do not provide."
The Link to Global Liquidity
Dolphin's biggest differentiator is securing global liquidity. "We believe that a lot of liquidity needs to be secured. A lot of liquidity means not just Bitcoin, Ethereum, and stable coins that are traded domestically, but also various liquidities that are traded overseas, and collaboration with global players. That has been our company's motto from the beginning."
In fact, Waybridge is also part of the Circle Alliance partnership. "So, our Dolphin is not only a licensed product in Korea, but we are also preparing to obtain a license in Europe. We are obtaining the European MiCA, and when we do, we will be able to supply Bitcoin overseas to Korea in a stable manner, and when people overseas want to enter the Korean market, we can be a connecting point."
The picture that Waybridge was drawing was clear. If a Korean listed company wanted to buy Bitcoin, it would connect them with Bitcoin anywhere in the world at the best possible conditions. And it would solve all legal, tax, and accounting issues that arise in the process in one stop.
Chapter 6: 2025, the year of the game changer
Bitcoin ETFs: A Game-Changing Giant Wave
Mr. Oh sees 2025 as a turning point for the digital asset market. The first reason is the Bitcoin spot ETF.
"If a Bitcoin spot ETF is launched in Korea, a new channel will be created where people can buy Bitcoin with securities firms' deposits. I think that will be the biggest window of change in Korea."
This has a meaning beyond a simple product launch. Until now, to buy Bitcoin, you had to create a separate account on Upbit or Bithumb and deposit KRW separately. However, with the release of ETF, you can buy Bitcoin ETFs just like you would buy Samsung Electronics stocks from your existing securities account.
The scale is beyond imagination. "The total AUM of US Bitcoin ETFs is about 200 trillion won, which is similar to the total amount of Korean ETFs. As the market has grown to that extent, I think Bitcoin spot ETFs in Korea will become the largest, centered around asset management companies."
Stablecoins: A New Payment Ecosystem
The second game changer is stablecoins. “The government is preparing to issue a Korean won stablecoin, and in Korea, there is a keen interest in creating a Bitcoin spot ETF right now.”
Stablecoins are digital currencies that are linked 1:1 with fiat currency. Representative examples include dollar stablecoins such as USDC and Tether (USDT). What would happen if a Korean Won stablecoin were to be launched?
"I think there are a lot of imaginations about people overseas exchanging their Bitcoin for Korean stable coins and making payments."
Current Market Trends: The Age of Institutional Investors
Unlike in the past when the gaming and entertainment industries were the leaders, the institutional investor market is currently hot.
"Since Umade, many platforms have not done well, and recently, the platform made by Nexon seems to be doing well, but I think it's the institutional market rather than that sector right now. The institutional market, that is, the financial institutions market, has opened up, so the RWA and stable coin sectors centered around Bitcoin are very hot."
RWA (Real World Assets) refers to tokenizing real assets such as real estate, bonds, and raw materials. This means that Web3, which started with blockchain games and NFTs, is now evolving into a real financial service.
Chapter 7: Practical Advice for Individual Investors
DCA: The Only Way to Beat Volatility
Mr. Oh's advice on how individual investors should approach it was clear.
"When individuals invest, the high volatility is too difficult to handle. That's why I've been talking about it a lot in the past, but I think the most basic form of investment is to just steadily buy Bitcoin in the form of DCA."
DCA (Dollar Cost Averaging) is a split purchase strategy that invests a fixed amount regularly. Buy when Bitcoin is 100 million won, buy when it is 50 million won, and buy when it is 150 million won. This way, you can lower the average purchase price.
The pitfalls of altcoins
He is cautious about other coins. "I don't think they are thinking about other coins, and in the case of stable coins like Tether or USDC, investing in them is the same as investing in dollars."
Mr. Oh said that altcoins other than Bitcoin have volatility that is difficult for individual investors to handle. In fact, altcoins fluctuate much more than Bitcoin. Sometimes they rise by 50% in a day, and sometimes they fall by 50%.
Advantages of Stable Coins
He also emphasized the advantages of stable coins. "If you invest in dollars, it is difficult to manage foreign exchange and such when investing in dollars, but Tether is very easy to transfer and manage, so there are many products that invest in such things and receive interest."
If you want to make a dollar deposit at a bank, you have to go through a complicated process and pay a currency exchange fee. However, stable coins can be traded with just a few clicks from a digital wallet.
The conclusion was simple and clear. "I think the safest form of investment would be to buy Bitcoin and invest in dollars and receive interest, as there are many products with quite high interest rates."
Chapter 8: The Realities and Advice of Going Global
The importance of local partners
CEO Oh, who has extensive experience in global business, did not spare practical advice for startups dreaming of expanding overseas.
"If you really want to do business overseas, you need to find a good local partner who has capabilities in the domestic aspect overseas. When Koreans do business overseas, they may think that they can succeed overseas with their own ideas or thoughts, but it seems to be more difficult than you think."
This is a trap that many Korean startups face. They think that they can simply take the successful model from Korea and bring it overseas, but the reality is different. Each country has different regulations, different cultures, and different customer needs.
Capital power and the need for differentiation
"I think it's true that in overseas cases, additional capital is needed."
Developed markets such as Europe and the United States have strict capital requirements for market entry. "In the case of Europe and the United States, our level of capital is not as high as theirs, so unless we are superior in terms of capability, it seems difficult to survive in the local market."
He says that for Korean companies to compete in the global market, money alone is not enough. They need to have better technology or a superior business model than local companies. He also says that it is important to understand and respond to the needs of users in the country.
"The most basic thing is to find a good local partner, and the next is the essence of the service. A business can only run smoothly if there are needs from users in that country."
The Reality of Global Simultaneous Operations
He also honestly revealed the difficulties he encountered while running an actual global business.
"The downside of simultaneously targeting the global market is that there is too much to do. Time differences are also a problem. In places like Hong Kong and Singapore, there is no time difference, but in places like Europe, the time difference is more than a few hours, making it difficult to work."
The language barrier cannot be ignored either. "I don't think there is a language barrier. Not all employees, including developers and designers who create products, are fluent in English, so it seems like it takes a little more time to create services with local partners overseas."
But the advantages are clear. "It helps a lot if we understand the regulatory trends and service needs that are happening overseas and create our own platform. If we understand the standards in the US, Hong Kong, and how they are different in terms of regulations, we can learn a lot."
Insights gained from the global market can also help Korean businesses. In order to create world-class services, you need to know world-class standards.
Chapter 9: The Entrepreneur Who Dreams of Jang Yeong-sil
A dream I've had since childhood
When asked who had the greatest influence on Representative Oh, he chose Joseon Dynasty scientist Jang Yeong-sil.
Jang Yeong-sil, a scientist of the Joseon Dynasty, was born a slave. He was a rare person from the lowest class who achieved success through science and technology in a society with a caste system. He was favored by King Sejong and created groundbreaking inventions such as the Jagyeongru, a rain gauge, and the Angbuilgu.
What aspect of Jang Yeong-sil impressed you? "He helped people with technology. He created services based on the technology he studied, which provided practical help to the people of that time, while also achieving academic results at the same time. That's what I personally found most resonant and want to emulate."
So his goal is also clear. "I also have a strong desire to create a meaningful service and contribute to society."
Awareness of the problem of education
He also pointed out the lack of education about digital assets. "I feel like there are not enough channels for the general public to learn about digital assets.
Currently, most of the educational content in the digital asset market is sensational content such as ‘which coin is rising’ and 100x profit secrets. There is a lack of basic educational content on what blockchain technology, which is the basis of the digital asset market, is and how it works.
So Waybridge is also interested in education. "It would be nice to have some educational sessions, and we are thinking about that as well. We want to create a service that systematically provides digital asset education. Ultimately, we want to create a channel to study how the digital asset market and blockchain technology network are structured and operate."
Chapter 10: Future Outlook for the Digital Asset Market
Bitcoin-centric market reorganization
Mr. Oh's analysis of the current market situation was cool. "Now that ETFs have been released in the US, the market landscape is going up again with Bitcoin dominance reaching 60 to 70%, and it seems like the altcoin market is not coming."
Bitcoin dominance refers to the percentage of Bitcoin in the total cryptocurrency market capitalization. A higher percentage means that other altcoins are relatively weak.
The reason is clear. "Even if the altcoin market had come, it should have come a long time ago, but altcoins haven't risen and all the money is flowing into Bitcoin, so demand for Bitcoin is increasing, but Bitcoin doesn't pay interest."
The emergence of a new ecosystem
But this situation is creating new opportunities. "So there are a lot of ecosystems that are trying to generate interest on their own with Bitcoin, and they're commonly called BTC Pi, and I think that ecosystem will grow a lot now."
BTC Fi is an abbreviation for Bitcoin Finance. Products that allow you to borrow money using Bitcoin as collateral or receive interest in Bitcoin are emerging.
Conditions for Platform Survival
His predictions about which platforms will survive in the long run are realistic: “Not all coins can survive. Just as not all countries can survive. In the end, only chains that provide value to customers or users will survive, and those that were set up early on are the ones that are most likely to survive.”
He expressed confidence in Bitcoin. "I'm actually one of the people who believes that the Bitcoin network will do well the most. However, I think that chains that are entering the institutional system, such as Solana and Ripple, will survive."
Chapter 11: Challenges and Limitations of the Korean Digital Asset Market
Policy regrets
Mr. Oh expressed regret about the development of the Korean market. "In fact, the Korean digital asset market is not without its lagging aspects. There were many opportunities, but it is regrettable that these opportunities were all missed because regulations were created or investor protection was emphasized."
Korea has outstanding blockchain technology development capabilities and a world-class digital financial infrastructure. However, it is pointed out that innovative attempts are being restricted due to excessive digital asset regulations.
"It's not too late, but I hope that we can come up with a progressive policy direction that can tackle various challenges in the Korean stable coin and various regulatory frameworks."
Structural Problems in the Fintech Startup Ecosystem
Mr. Oh also pointed out the structural problems of the Korean fintech ecosystem. "There have been thousands or tens of thousands of Korean fintech startups, but almost none of them have survived. Under the domestic regulatory framework, only large corporations and companies with sufficient capital can do business."
Except for a few successful cases like Toss, most fintech startups have disappeared without being able to properly conduct business due to regulatory barriers.
Chapter 12: A Special Connection with Busan
Love for hometown and willingness to cooperate
Mr. Oh, who is from Busan, expressed his special affection for his hometown. "I would like to collaborate with the Busan Digital Asset Exchange to help institutional institutions easily access the digital asset ecosystem. If Dongbaek Coin develops into a stable coin in the future, we have also considered operating it and generating profits."
Dongbaekjeon is Busan’s local currency. If it is issued in the form of a stable coin, the idea is that Waybridge can manage the funds and generate profits.
Potential for future cooperation
Although there are no concrete results yet, he is open to the possibility of cooperation with the Busan Blockchain Special Zone. "However, there are many areas that cannot be done in Korea due to regulations, so there are many businesses that I would like to work on together through the Busan Blockchain Special Zone. However, I don't think we have reached that stage yet. So, going forward, I would like to discuss and proceed with business cooperation with the Busan Digital Asset Exchange, which will play a key role in the Busan Blockchain Special Zone."
It is said that new possibilities are being explored through collaboration with Kim Sang-min, CEO of Busan Digital Asset Exchange.
Epilogue: The world belongs to those who challenge
The motto that CEO Jong-wook Oh shared at the end of the interview, “The world belongs to those who challenge themselves,” concisely shows his life’s journey.
From a middle school student who was a swimmer who trained hard on the beach in Namcheon-dong, Busan, to an elite in institutional finance through Seoul Science High School and KAIST, to overcoming the failure of his first startup, to finally becoming the CEO of a global digital asset platform, his journey was truly a process of putting into practice the belief that “the world belongs to those who take on challenges.”
Summary of CEO Oh Jong-wook’s key insights
Practical Advice for Individual Investors
- Bitcoin DCA (fractional purchase) is the best strategy: "It is difficult to handle high volatility, so the most basic thing is to steadily purchase Bitcoin in fractions."
- Altcoin Investing with Caution: "Other Coins Have Volatility That Individuals Can't Handle"
- How to Use Stable Coins: "Tether and USDC are the same as investing in dollars, but they are easy to manage and have many interest-bearing products."
- Avoid emotional investment: "Regular and mechanical investment is important because individuals have difficulty coping with volatility when investing."
Fundamental Differences Between Korea and Global Markets
- Difference in trading channels: "Korean stocks are traded on one channel, KRX, but Bitcoin is a completely different market traded 24 hours a day on multiple exchanges around the world."
- Differences in investor composition: "Overseas, Coinbase is 80% institutional and 20% individual, but in Korea, it's the opposite. This is an indicator of market maturity."
- Differences in service ecosystems: "Overseas, specialized services for institutions are developed, but Korea is centered on individual-oriented exchanges."
Market Outlook 2025
- Bitcoin ETF launch is a game changer: “Expected surge in fund inflows as a channel to buy Bitcoin with securities firm deposits is created”
- Expanding the Stable Coin Ecosystem: "Building a New Payment Ecosystem by Issuing Korean Won Stable Coins"
- The era of institutional investors begins: "Trends shift from games and entertainment to RWA and stable coins"
Valuable lessons learned from failure
- The importance of people and organizations: "Startups are ultimately about people. I realized the core of organizational management through my first startup failure."
- Managing Conflict with Co-Founders: "How You Coordinate When Your Visions Differ Will Make or Break Your Business"
- Failure as a stepping stone to growth: "The experience of your first failure becomes an asset that makes your second startup more solid."
Finding the Balance Between Institutions and Web3
- The importance of incremental innovation: “An approach that is one or two steps ahead, neither too innovative nor too conservative, is realistic.”
- Harmonizing Compliance and Innovation: “Innovation that doesn’t follow the rules is not sustainable”
- Consider investor protection: “Investor protection devices are essential to be recognized by the system”
Key success factors for overseas expansion
- Importance of Local Partners: "The First Condition for Success in Overseas Business is Securing a Capable Local Partner"
- Understanding local needs: “Don’t try to transplant a model that was successful in your home country to overseas markets, but understand the real needs of local customers.”
- Differentiated competitiveness is needed: “Capital power alone is not enough, and a unique position in terms of technology or licensing is needed.”
The Reality of Global Simultaneous Operations
- Overcoming time differences and language barriers: “There is more work to do and communication costs increase, but the learning effect of global standards is great.”
- Recruiting local talent: “Not all employees speak English fluently, so it is important to recruit local experts.”
- Understanding regulatory trends: “Understanding regulatory differences in each country also helps Korean businesses”
Policy challenges for the development of the Korean digital asset market
- Balancing Innovation and Regulation: “Investor Protection is Important, But Excessive Regulation Is Missing Innovation Opportunities”
- Stable Coin and ETF Policy: “Korean-style Stable Coin and Bitcoin ETF are Key to Market Activation”
- Supporting the Fintech Ecosystem: “We Need a Regulatory Environment That Allows Startups to Grow, Not Just Large Corporations”
Recommended Books
- Hard Thing by Ben Horowitz: "An intuitive book that helped me develop the entrepreneur's mind."
