Korea’s third largest cryptocurrency exchange Coinone will set up an overseas cryptocurrency exchange for the first time as a Korean company. A sharp decline in trade in the Korean cryptocurrency market has made it difficult for Korean cryptocurrency exchanges to secure profitability, leading them to make an active foray into new business areas.
Coinone said on April 16 that the company made its entry into the global cryptocurrency market in earnest after establishing “Coinone Indonesia” in Jakarta, Indonesia. After the first preliminary registration from this day, it plans to launch the service to registrants from the end of next month.
At Coinone Indonesia, people can trade six types of cryptocurrencies including Bitcoin (BTC), Bitcoin Cache (BCH), Etherium (ETH), Etherium Classic (ETC), Light Coin (LTC) and Quantum (QTUM). Indonesia has a population of more than 260 million which makes the country the most active country in the currency market in Southeast Asia. Cryptocurrency media Bitcoin.Com recently reported that the number of users of Indonesia’s largest cryptocurrency exchange INDODAX was close to the number of users of the Indonesian stock exchange.
Experts say that as other large Korean exchanges such as Upbit and Bithumb entered new business territories, Coinone followed suit. This is because as cryptocurrency trade plummeted to 5% to 10% levels compared to January when cryptocurrency trade was in a speculative mood, cryptocurrency exchanges judged that they could not survive with trading commission income only.
Bithumb advanced into the off-line payment business through various business alliances. Upbit is working on creating a Blockchain ecosystem with the goal of investing 100 billion won in Blockchain companies for three years.