Kelpie Capital
Seoul · Korea · Japan

KOREA.
JAPAN.
DONE RIGHT.

Kelpie Capital opens doors in Northeast Asia that protocols cannot open themselves - tier-1 corporate partnerships, exchange listings, and selective investment, backed by the trust architecture that determines whether any of those actually works.

Kelpie Capital hero artwork
01 - Partnerships

Corporate BD
Northeast Asia

Direct introductions and partnership structuring with Korea and Japan's tier-1 corporates. Eight years of relationships at the top of the regional ecosystem, not LinkedIn, working relationships.

Korean chaebol and tech sector introductions
Japanese institutional partnership structuring
Cultural and strategic positioning per market
Co-investment where the opportunity is clear
Discuss a partnership
02 - Exchange

Exchange
Readiness

Experience navigating Korea's exchange ecosystem and preparing protocols for credible listing conversations. A listing is a trust and positioning exercise - most protocols fail before they even submit. We make sure you arrive right.

Listing readiness assessment
Korean market narrative and positioning
Community and marketing pre-listing
Exchange relationship management
Discuss exchange readiness
03 - Investment

Selective
Co-Investment

We take positions in protocols where the Korea and Japan opportunity is structurally underpriced. Where Kelpie invests, we support the company actively — through regional strategy, partnerships, and market-entry execution. No passive checks.

Seed to Series A and token positions
Hands-on regional support post-investment
Korea/Japan asymmetry as the core thesis
Selective — only where we can meaningfully help
Discuss investment
How it works
Partnerships
01
Protocol assessment
We evaluate technology, token economics, and positioning. We only make introductions for protocols we can stand behind.
02
Target mapping
Specific partners identified by strategic fit - not a spray approach, a precise match to their priorities.
03
Warm introduction
How you arrive matters in Korea and Japan as much as what you bring. We position you correctly before the first meeting.
04
Deal structuring
We stay in the room through negotiation - cultural navigation, deal structure, follow-through until signed.
Exchange Listing
01
Listing readiness audit
We assess against what Upbit and Bithumb actually look for. Most protocols are not ready when they think they are.
02
Market preparation
Korean narrative, community presence, and marketing foundation built before the application. A listing landing in a prepared market performs.
03
Exchange engagement
Direct engagement through eight years of relationships at the top of the Korean ecosystem. The introduction arrives with credibility.
04
Post-listing support
Volume strategy, community growth, and ongoing exchange relationship management. The listing is not the end.
Investment
01
Protocol evaluation
Technology, token economics, team, and the specific Korea/Japan opportunity assessed. We only invest where we see genuine asymmetry our network can unlock.
02
Thesis alignment
Investment only where Kelpie Capital can actively create the outcome - through BD, exchange relationships, or strategic positioning.
03
Terms and structure
Equity, token warrants, or hybrid structures depending on stage and fit. Long-term alignment over short-term extraction.
04
Active value creation
From day one, we support market mapping, partner prioritization, positioning, and founder-level outreach where appropriate.
The Exchanges
Upbit
Korea's dominant exchange · #1 by volume

Upbit evaluates listing candidates holistically — credibility, Korean market presence, community traction, and timing all factor in. Preparation matters more than most teams realise before they begin the conversation.

Largest crypto exchange in Korea by spot volume
Operated by Kakao-backed Dunamu
Korean retail follows Upbit listings closely
Credibility, preparation, local relevance, and timing matter
Bithumb
Korea's second exchange · institutional depth

Korea's second largest exchange with significant institutional and OTC depth. A presence on both Upbit and Bithumb is widely viewed as a baseline for serious Korean market engagement and broadens a protocol's visibility and liquidity profile.

Strong OTC and institutional trading volume
Audience complementary to Upbit — broader coverage
Independent review and application process from Upbit
Dual presence is common practice for Korea-focused protocols
Coinone
Korea's third exchange · retail & mid-tier

One of Korea's five fully registered exchanges with a loyal retail user base. A Coinone presence broadens domestic reach beyond the Upbit/Bithumb duopoly and rounds out a Korean market footprint.

Fully registered with Korea's Financial Intelligence Unit
Active retail community with distinct user overlap
Useful complement to a primary Upbit or Bithumb presence
Gopax
Binance-backed · emerging player

Acquired by Binance in 2023 and fully approved by Korean regulators in October 2025. Gopax is now Binance's Korean hub — bringing global liquidity and infrastructure into the domestic market and beginning to reshape the competitive landscape.

67% owned by Binance — global liquidity and infrastructure
Regulatory approval completed October 2025
One of the fastest-growing Korean exchanges to watch
A presence here aligns a protocol with the Binance ecosystem
Track Record
50+
Protocol advisory, BD & market-entry mandates
Since 2018
Operating across Korea & Japan

Selected details available privately due to confidentiality.

Notable Partnerships Facilitated
Elrond (MultiversX) × Samsung Electronics
Samsung Blockchain Wallet Integration

Structured and facilitated the partnership between Elrond (now MultiversX) and Samsung Electronics, resulting in ERD token integration into the Samsung Blockchain Wallet and a Galaxy Store exclusive DApp. Covered by The Block and widely reported across crypto media.

Hdac Technology × CasperLabs
Hyundai-Backed Blockchain · Korea/Global Partnership

Worked with Hdac Technology - the blockchain venture founded by Hyundai BS&C CEO Dae Sun Chung and backed by the Hyundai group - on partnership and ecosystem development, including their strategic MOU with CasperLabs. Hdac's enterprise blockchain was applied across Hyundai manufacturing and IoT infrastructure, reported by CoinDesk and PR Newswire.

Why Kelpie
01
Already in the room

Eight years of working relationships at the top of the Korean and Japanese crypto ecosystem. Korea Blockchain Week, Samsung Electronics, OECD, CoinTelegraph Korea. Not connections - history.

02
Both sides of the table

A PhD in Economics from Seoul National University and M&A experience at Morgan Stanley. We understand what Korean and Japanese institutions need to see - structurally, economically, and culturally.

03
Every engagement is personal

Kelpie Capital is not a team with analysts. Every engagement is handled personally by Alexandre. When we put our relationships on the line for your protocol, it means something real.

Markets
🇰🇷
Korea
Primary · Highest priority

One of the highest per-capita crypto adoption rates in the world. Retail-driven, exchange-gated, and relationship-dependent. The right listing at the right moment with the right positioning can be transformative for a protocol's global trajectory.

🇯🇵
Japan
Institutional · Long horizon

Regulatory-first market with serious institutional appetite. Entry requires cultural precision and credible introductions. A market where the protocols that win arrived correctly and stayed consistent over time.

Principal
AP
Alexandre Philippine
Principal

Seoul-based. Eight years operating at the top of the Korean and Japanese crypto ecosystem. Every engagement handled personally.

2025 →
Kelpie Capital
Principal · Seoul-based investment and advisory for blockchain protocols entering Korea and Japan
2020–24
Samsung Electronics
DApp Business DD Partner · Galaxy Web3 Integration
2020–21
OECD
Mandated External Advisor · Bitcoin & Digital Assets Policy
2019–21
CoinTelegraph Korea
Director, Consulting Services
2018–19
Korea Blockchain Week
Head of Sponsorships & Partnerships
2019
Morgan Stanley
M&A Consultant · $3.2B healthcare acquisition
2016–20
Seoul National University
PhD Economics · Innovation & Technology · Bocconi Visiting Fellow
2025
Forbes Under 40
Leaders of the Digital Revolution · Latin America
Publications

SERIOUS
ABOUT
ASIA?

Tell us about your protocol, what you're trying to achieve in Korea or Japan, and your timeline. We'll give you an honest assessment within 48 hours.

What we look for
Real technology.We don't work with projects that are primarily promotional.
Korea/Japan intent. Asia entry must be a genuine strategic priority.
Sound token economics. We assess incentive structures before any engagement.
Serious founders. Our relationships go on the line. We only do that for people we trust.
Timing awareness.We'll tell you honestly if the moment is wrong rather than waste your one shot.