South Korea’s Cryptocurrency Trading Volume Skyrockets

In Decenternet, General, News
Cryptocurrency Trading

Since the introduction of cryptocurrency, many countries around the world are skeptical about it but there are some that ventured in it disregarding the risks and now their efforts are being paid off.

South Korea is one of the numerous countries in Southeast Asia that adopted cryptocurrency. In fact, despite the considerable dwindling in the middle of this year, there has been a major surge in Korean won cryptocurrency trading. However, the “kimchi premium” that was introduced last year needs to emerge in South Korean cryptocurrency trading.

There is a remarkable accretion in South Korean cryptocurrency trading volume at the beginning of October of this year. According to the CryptoCompare chart, the Korean won market volume comprises nearly half of the total market share percentage.

The current development is a distinct withdrawal from the pattern chartered at the start fo 2018. Korean won cryptocurrency trading volume continued to be dormant from beginning to mid-year when it critically narrowed. The volume of cryptocurrency trading seemed to diminish from the latter part of Q2 to Q3.

The succession of hacks against cryptocurrency trading in South Korea was mainly accounted for the consequential drop in Korean won cryptocurrency trading volume. Both Bithumb and Coinrail encountered cyberattacks which resulted in extortion of millions of cryptocurrency.

To counteract these malicious mischiefs, the said platforms postponed deposits as well as withdrawals while trading got confined until the issue has been resolved. Bithumb is one of the biggest exchanges in the nation and such procedures will have an adverse effect on domestic trading volume.

A few analysts consider that one basic grounds for the Korean won cryptocurrency trading upsurge is the prevailing commotion in the stock market.  Stakeholders are purportedly turning to Bitcoin, which seems to be much more steadfast compared to the more traditional entities.

South Korea’s acceptance of cryptocurrency exchanges as legal entities constituted the flourishing cryptocurrency market in the nation. These platforms establish a substantial portion of the virtual currency ecosystem and Decenternet is one of them.

Meanwhile, South Korean holding company Korbit has acquired Europe’s biggest cryptocurrency exchange, Bitstamp. It is the most recent mergence among huge players in the virtual currency market infrastructure.

According to Bitstamp, it was purchased by investment company NXMH, based in Belgium. It is a division of NXC Corporation that also owns video game firm Nexon. The bidding process began in the middle of 2017 and waited for the firms to obtain regulatory approval.

Bitstamp was established in 2011 and has been the most sizable crypto trading platform in Europe in terms of a trading volume having more than a million active users. The company started with only  €1,000 in 2011 and eventually accumulated to a total of nearly $14 million in investments from Pantera Capital and others.

Bitstamp will conduct business separately from Korbit while the merger allows them to “achieve harmonies in a number of fields which included technology, delving, and development”. Slovenian native Nejc Kodric co-founded Bitstamp and will stay as the CEO expecting that nothing will change for either its 180 employees or the firm’s customers after the takeover.

Kodric said, “We’ve talked about it, but we decided to keep the companies running separately. We were not looking to sell. We were definitely not looking for investment because we didn’t need to raise the capital.”

Kodric will retain 10% stake while Pantera Capital will have 6%. NXMH will have the rest of the Bitstamp for itself.

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