Following the roadmap of its contender Huobi, erst the most important cryptocurrency exchange in China OKCoin can launch a commercialism platform within the South Korean market.
OKCoin’s Asian country enlargement
Earlier nowadays, on January 19, native media shops in Asian country reported that NHN recreation, one amongst the largest multi-billion dollar game developers within the country that operates Hangame.com, has partnered with OKCoin to form Associate in Nursing exchange at intervals the native cryptocurrency market.
According to South Korean media outlet News one, OKCoin plans to list a lot of cryptocurrencies than Bithumb and UpBit, that have integrated ten and thirty cryptocurrencies severally. each Bithumb and UpBit area unit operated by a number of the country’s most cogent conglomerates as well as Kakao’s Dunamoo. Korbit, the third largest cryptocurrency exchange market, is operated by NXC, a $10 billion play company.
To contend against native commercialism platforms like Bithumb, Korbit, UpBit, and CoinOne, OKCoin has partnered with a serious conglomerate in NHN recreation, to get spare resources and capital to handle the South Korean market. OKCoin also will integrate sixty cryptocurrencies upon its launch, quite all of the cryptocurrency exchanges within the native market combined.
Chris Lee, the president of OKCoin, told News one that the corporate presently homes a hundred full-time developers and is attending to evolve into a worldwide cryptocurrency exchange. Lee emphasised that so as for OKCoin to expand internationally, Asian country is a vital marketplace for the corporate to handle and penetrate.
Last month, Huobi, another major Chinese cryptocurrency exchange that migrated to the city cryptocurrency market, proclaimed its partnership with Japanese monetary large SBI Holdings to expand into the japanese and South Korean markets.
Due to the recent stifling on cryptocurrency commercialism by the Chinese government, commercialism platforms at intervals the Chinese market have began to expand into alternative major regions in Asia, like Japan and Asian country.
Optimistic For South Korea?
Apart from OKCoin and Huobi, ten a lot of cryptocurrency exchanges area unit expected to launch within the South Korean cryptocurrency exchange market over subsequent few months.
Evidently, if the South Korean cryptocurrency market is unstable and a commercialism ban is at hand, cryptocurrency exchanges wouldn't allot ample bucks in development and compliance to expand into the South Korean market.
Local exchanges as well as Bithumb, Korbit, and Coinone, also as exchanges overseas like Huobi and OKCoin area unit optimistic with regard to the restrictive roadmap of the South Korean government, on condition that the govt has reaffirmed a cryptocurrency commercialism ban won't be obligatory.
Recently, as CCN reported , chairman of the truthful Trade Commission of Asian country Kim Sang-Joo, stated:
“[Shutting down cryptocurrency exchanges] isn't realistically potential. supported electronic commerce law, the govt doesn't have the authority to shut down cryptocurrency commercialism platforms.
From the point of view of Associate in Nursing social scientist, it's not a good and clear call to outright ban economic activity. whether or not it's excessive speculation or not, the gain or the loss is that the responsibility of the capitalist.”
Given that the South Korean government has formally refuted the claims of the Justice Minister and rejected the cryptocurrency commercialism ban proposal, a lot of cryptocurrency exchanges from overseas markets can expand into the native market, to handle the exponentially increasing demand for bitcoin and alternative cryptocurrencies within the international market.