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New Cryptocurrency Exchange Coming To South Korea

Samantha Mitchell

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New Cryptocurrency Exchange Coming To South Korea

BTCC, the Cryptocurrrency exchange that has its headquarters in Hong Kong, has announced a launch of new services in South Korea this month (October).  In addition to that, the company is also launching a new mining pool, wallet services, as well as a consumer payment service.

October 31st is the Date

btcc

According to a report released by this investor, which was formerly referred to as BTC China; these new services will officially drop on the 31st of October 2018. While the beta service is expected to begin this month, the exchange service will officially begin in the month of November.

The four main services that are expected to be rolled in South Korea are a mining pool, a wallet service, an exchange program, as well as a service to carry out consumer transactions. The official website of the company has stated that an on and off payment system that uses the virtual currencies shall be established. Services for real-life use are also going to be expanded.

The Cryptocurrency Market System in Korea

skThere are four main exchanges that have dominated the Crypto market in South Korea. These are Korbit, Coinone, Bithumb, and Upbit. Based on the trading volume, Bithumb is the largest virtual currency exchange in the country, whereas Upbit takes the lead based on the number of coins that are listed. With a trading of 164 coins in more than 250 world markets, Upbit is an affiliate partner of Bittrex, a US-based exchange that is supported by Kakao Corp. Kakao Corp. has gained the reputation of being the operator of Kakao Talk, which is the most popular chat application in the country.

In a report made on the 12th of October 2018, Bithumb confirmed that a consortium owned by a famous plastic surgeon had taken up its ownership. Huobi is another well-known virtual coin that left China and started operating in South Korea. This came after the crypto crackdown that took place in China. Having launched its Korean trading in March 2018, it offered a trading of more than 100 coins in not less than 200 markets.

The History of BTCC

Having been previously referred to as BTC China, this exchange was founded in the year 2011. It once reigned as one of the largest Crypto exchanges all over the world based on the trading volume. However, this reputation would not last for long as the crackdown on Initial Coin Offerings and virtual coins were launched by Chinese authorities in September 2017. This operation by the chines authorities made all the major exchanges in this country to move their operations to other countries.

BTCC is one of the Cryptocurrency exchanges that have closed their operations in China and relaunched them in South Korea. Although it serves an international customer base, the company now has its main headquarters in Hong Kong. The new BTCC exchange that is coming up in South Korea would facilitate the trading of the following five main cryptos against the US Dollars – Bitcoin Cash, Bitcoin Core, DASH, Litecoin and Ethereum.

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