New Crypto Exchange Opens in South Korea – CoinBit
Coinbit is the latest cryptocurrency exchange looking to take advantage of the growing demand for cryptocurrencies services in South Korea. The new marketplace opens with 50 of the hottest digital assets including the likes of Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Plans are also underway to add more cryptocurrencies depending on need, going forward.
To celebrate the launch the exchange will allow customers free fee-trading for one month. The free fee-trading option should act as an incentive in getting cryptocurrency enthusiasts to join the platform.
Coinbit is positioning itself as a unique trading platform by touting its security infrastructure which it says are far much superior than that of its rivals. It has also partnered with a local security firm Wins as it moves to safeguard its systems from hacks. The exchange is also touting its customer service which it says is second to none.
The website is available in three languages, English, Korean, and Japanese as the exchange looks to attract a diverse range of clients. The exchange has already attracted over 120,000 users. Coinbit goes online at time when the newly appointed Korean Financial Supervisor Services Governor, Yoon Suk-hen has hinted at the possibility of new regulation to help the cryptocurrency market grow. The governor expects the market to stabilize on clarity about regulations.
Korea has emerged as a hub for cryptocurrencies trading, unlike other parts of the world where such activities have come under pressure from regulators. There have been concerns that increased crackdowns and regulations could stifle growth going forward.
Lawmakers have already hinted at the possibility of reversing an ICO ban that was declared September of last year. The ban stated that all ICO except those that met certain conditions were to be outlawed. It has since emerged that a new bill is being drafted that would legalize future ICOs.