Expanding Territories: Local Crytocurrency Exchanges Going Abroad while Foreign Exchanges Eyeing Korean Market | BusinessKorea

Wednesday, November 22, 2017

Overseas virtual currency exchanges are approaching Korean investors while. Korean virtual money exchanges are also seeking ways to enter overseas markets.
Overseas virtual currency exchanges are approaching Korean investors while. Korean virtual money exchanges are also seeking ways to enter overseas markets.
Seoul, Korea
13 November 2017 - 8:30pm
Michael Herh

Overseas famous virtual currency exchanges are approaching Korean investors while providing Korean-language services. Korean virtual money exchanges are also seeking ways to enter overseas markets to attract foreign investors.

Famous overseas virtual currency exchanges are increasing Korean-language services, including Japan's largest virtual currency exchange “Bitflyer.” The exchange also enhances accessibility for overseas investors by offering English, Chinese, and French services. BitMEX has been officially providing its Korean service since November 1. 

Recently, Japan's virtual currency exchange BitPoint established a joint venture named BitPoint Korea with Korean securities and futures experts. Bitpoint Korea is scheduled to officially open at the end of this year.

"We are considering making a foray into overseas markets and preparing to build a virtual currency exchange in Korea to compete with Bithumb among others," said Lin Li, CEO of Huobi, a major virtual currency exchange in China. 

The reason why famous overseas virtual currency exchanges are interested in the Korean market is that Korea has a large virtual money market. Bithumb, Coinone, and Korbit, which are the three largest virtual currency exchanges in Korea, are recoding large trading volume among global exchanges. As of November 10, Bithumb ranked first among the world's virtual currency exchanges and Coinone seventh based on Coinhills. Korbit recently acquired by Nexon also sat 11th. "Korea is regarded as a country with an active virtual currency market comparable to China," said Han Dae-hoon, a researcher at Shinhan Investment Corporation. 

It is unlikely that the three major exchanges in Korea will be hit hard by overseas virtual currency exchanges even though they will advance into Korea. "Overseas virtual currency exchanges can improve their accessibility but no big damage will be done to Korean virtual currency exchanges as many overseas virtual currency exchanges are based on Bitcoin or Ethereum," said a representative of the virtual currency industry. 

"I don’t think that many Korean investors will switch to overseas exchanges even though they will offer Korean-language services as Korean exchanges have a lot of virtual currency transactions and offers fast services and customer services," a Bithumb official said. “Bithumb is also making endeavors to attract overseas customers."

Koreans account for 90% to 95% of customers of Korean virtual currency exchanges such as Coinone and Bithumb, so Korean virtual currency exchanges are accelerating their moves, racking their brains to attract foreign users. 

Korbit offers English-language services and Bithumb is already offering Japanese, Chinese, Spanish and Hindi services in addition to Korean and English ones. Lately, its English telephone consultation services have become available. Bithumb assembled the Overseas Marketing Team to attract foreign users, and is running ads and conducting PR activities on overseas websites. 

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