BTCC, a Chinese cryptocurrency exchange, is planning to launch its exchange services in South Korea next month. Prior to the main launch in November, the operator will roll out its beta services in the course of this month.
The once global cryptocurrency exchange giant according to trading volume is seeking to restore its former glory after it suffered a major setback through the Chinese government ban on digital assets operations including ICOs in its territory in September 2017.
BTCC’s offerings in South Korea
Besides the firm’s cryptocurrency exchange services, its South Korean clientele will also enjoy the firm’s wallet services that will enable them to safely store, send and receive digital assets. Bitcoin miners through the exchange’s pool mining service can consolidate their resources to increase their chances of getting rewarded after which they can share the rewards. Lastly, South Korean users will also benefit from the firm’s consumer payment service through which its users can process local and cross boarder payments.
As the company strives to boost its currency’s real-life utility, it has developed a payment system that allows both online and offline payments. Through this system, users will be able to transact without dependence on an internet connection. Dependence on internet has been the major factor derailing crypto decentralization efforts as governments can censor internet connections.
Competition
BTCC is in for stiff competition from several other cryptocurrency exchange platforms operating in South Korea. South Korea like China banned ICOs last September but exchange operators have been operating, the major players being Bithumb, Upbit, Coinone, and Korbit. Bithumb was recently acquired by Singaporean BK Group and is since the largest exchange per trading volumes. South Korean government is yet to make an official announcement on its position on ICOs.
Lee Jae-beom will spearhead BTCC’s operations in South Korea. Here is what he had to say about the anticipated launch of the firm’s operations in South Korea:
“Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
