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EDXM, a subsidiary of Citadel, plans to launch a perpetual contract for the Korean won, challenging the world's largest offshore Korean won derivatives market
EDXM International, a cryptocurrency exchange supported by Citadel Securities, 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 approximately $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, with all transactions settled in USDC, avoiding the actual delivery of Korean won and circumventing South Korea's capital control restrictions. EDXM CEO Kai Kono stated that costs are 50% to 75% lower than traditional NDFs and support instant settlement.
The South Korean Financial Services Commission did not comment on this. Some believe that if the product attracts significant institutional funds, the long-stalled digital asset legislative process in South Korea may face greater pressure.
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