cryptocurrencies – Startup Radar

Bit Forum 2018 Summer Conference

Jakhongir Gulomov — Tue, 19 Jun 2018 08:17:08 +0000

The BIT Forum 2018 Summer Conference is coming on June 21!

Foresting will welcome you all at COEX Conference Room in Samsung-dong. Don’t miss the biggest conference in the 4the industrial revolution – technology revolution!

The conference will be hosted by the Electronic Times, the Korea Software Industry Association and DeCentre.

Daniel Eom, CEO of Foresting, will introduce South Korea’s first blockchain-based SNS platform for economic freedom.

“After an amazing participation from the last BIT Forum 2018 Spring Conference, this time, Foresting is about to rock the social network with its extraordinary platform. The Foresting platform will open a new world with more efficiency and impact of content providers. Additionally, this new platform is faster, easier and more profitable compared to the existing social networks,” says Daniel.

The Latest Trends in Blockchain

This event will present the latest trends in blockchain and cryptocurrency. As well as new blockchain platforms will be introduced by promising companies that are advancing ahead with their superior technology. Furthermore, at the conference, professionals and experts will touch domestic and foreign issues related to the future prospects of the blockchain technology.

ICO trends have recently been receiving attention from major global countries. Therefore, Speakers are going to look at recent business trends and other issues. Mainly, issues are such as regulations, responses, and strategies to use blockchains.

BIT Forum 2018 Summer is based on the 4th Industrial Revolution era. Thus, you will find the answers to your questions on blockchain through the upcoming lectures in a variety of topics from specialists:
– “How should we look at the blockchain and cryptocurrency?” by Kim Hyeong-Jun, Korea University Professor;
– “The utilization of blockchain technology in S/W convergence” by Lee Deong-Hyeok, DeCentre CEO;
– “Travel lodging and blockchain” by Lee Joon-Ho, Jeneum.

Finally there will be a showroom that applies new form of blockchain technologies in security and entertainment fields. The some prepared exhibition spaces within the event venue are waiting for you. The exhibitions will allow developers a direct interaction with the platforms.

The post Bit Forum 2018 Summer Conference appeared first on Startup Radar.

Viewpoints Outside the Korean Cryptocurrency Market

Tom Alford — Tue, 19 Jun 2018 02:17:39 +0000

Is Cryptocurrency good for Korea?

Is Cryptocurrency a social evil? Or can it be a force for positive change in Korea? If we are to believe some of the narratives from the global mainstream media, cryptocurrency is simply all about Bitcoin and it’s price. It’s about men sitting at home in their pajamas, promising their families they will become millionaires, ruining the lives of those around them, whilst contributing nothing to the world. The Korean cryptocurrency Market has made a lot of millionaires but has also ruined many lives in Korea.

Viewpoints Outside The Korean Cryptocurrency Markets

Outside of the Korean crypto industry, we can breakdown cryptocurrency commentators into three different groups:

Negative viewpoints towards crypto in the political arena.
Positive views on Cryptocurrency in politics.
The mainstream media.

All three players are exceptionally important when it comes to shaping global opinion on Cryptocurrency markets. Politicians, in particular, wield significant power when it comes to regulation of the space.

We will first examine each of these groups thoughts on crypto, before examining the social good that cryptocurrency can bring to the world.

Negative Views On Cryptocurrency In Politics

On the 14th March 2018, the US Subcommittee on Capital Markets, Securities, and Investment held a committee to discuss cryptocurrency. Brad Sherman addressed the committee on behalf of banks. We think that he does a great job summing up all the negative views on cryptocurrencies in the political arena. Mr. Sherman had the following to say about cryptocurrencies:

“Cryptocurrencies are a crock. What social benefit do they provide? Well.. they allow a few dozen men in my district to sit in their pajamas on the couch all day and tell their wives they are going to be millionaires.”

“They help terrorists… and criminals move money around the world. They help tax evaders. They help startup companies commit fraud, take the money and 1% of the time they actually create a useful business. But then again… I dare say that some tiny percent of all larceny and crime helps finance something that turns out to be useful.”

“It hurts the US government in two ways, our control… ability to have the dollar be the chief means of international finance is what has underpinned our ability to impose sanctions and stop tax cheating and furthermore when we have people take the risk, we don’t encourage gambling. We encourage investment in the real economy.

But when you buy a Bitcoin, are you financing a new factory? No. Your gambling on its value for no social benefit. Now I know, this bit… Errr… that these cryptocurrencies are popular. they’re popular with guys who want to sit in their pajamas and tell their wives that they are going to be millionaires. And, they’re popular with those that have read Atlas Shrugged and Fountainhead and believe these are the new canons… the new divinely inspired documents of our age. But they are harmful and they are harmful in one other way and that is synergy. Is the benefit that the US government gets by issuing currency. It is the float, it is the fact we do not pay interest on newly created dollars. We lose that as well.”

You may have read Mr. Sherman’s statement and have been nodding in approval or shaking your head thinking he is wrong. Either way, having an open mind and having an informed viewpoint is always a good thing.

Positive Views on Cryptocurrency in Politics

On the 18th of March 2018, the Financial Stability Board (which was chaired by Bank of England Governor Mark Carney) stated that “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”

The chairman of the U.S. Commodity Futures Trading Commission made a statement to the Senate Banking Committee on Feb 6th, 2018. The statement revealed that the CFTC would take a “do no harm” approach when it came to cryptocurrency regulation. J. Christopher Giancarlo continued by saying that this is a “new digital era” for the financial markets and that cryptocurrencies have resulted in a “paradigm shift” in how the world views payments and financial processes. He went on to say that ignoring such innovation “will not make them go away, nor is it a responsible regulatory response.”

Mr. Rounds then went on to ask if Bitcoin was “A commodity? Or are they a security? Or are they both?” Mr. Giancarlo explained that Bitcoin has characteristics of multiple different things. He goes on to say:

“My 30-year-old niece, who has bought Bitcoin years ago and she is a HODL. She says I’m going to own it, I don’t know what’s going to become of it. But I want to hang on to it. She’s not a fraudster or a manipulator, she’s just a kid and believes in it and I was fascinated talking to her. I think she represents a lot of folks that think there is something in this, I want to hold onto it. In that record, from our point of view, it’s a commodity.”

In politics, it is very clear that some do see value in the innovation happening in the cryptocurrency space. Mr. Giancarlo makes it very clear that just because his niece holds Bitcoin, she should not be called a manipulator or a fraudster. Honest “kids” who just believe in Bitcoin, should not be tarnished with the same brush as terrorists or fraudsters.

Maybe you disagree. But many of you will probably know honest, hardworking people who own Bitcoin. Just be aware that if you believe that all bitcoin owners are scammers or terrorists, that you are probably giving this label to some people you know.

Cryptocurrency and the Mainstream Media

Much mainstream media reporting seems to be led by what that will get a lot of clicks or views. Therefore, it is understandable that much of the reporting on cryptocurrency is:

Bitcoin is dead.
Bitcoin hits a new all-time high. Or here’s our guide to buying Ripple at 30 cents a token.

In both situations, news outlets will get a lot of interest in their stories. However, we must be aware this is their business model and the media cannot be expected to have detailed knowledge of cryptocurrencies. Their job is to simply report the news and stories that will get a lot of interest from the general public. We must accept that clickbait titles and publishing extreme stories are the cost of ‘free’ news.

As the general public consuming this media, all we can do is be aware of the agenda of news channels. If any blame is to be leveled at the media, it is probably that whilst their revenue models incentivize them to create sensational stories, they could give more coverage to proponents of cryptocurrency to give the public a more balanced viewpoint.

To Be Continued…

The post Viewpoints Outside the Korean Cryptocurrency Market appeared first on Startup Radar.

Korean ICO Companies in Singapore Should use Coinmama

John Yoon — Fri, 08 Jun 2018 01:24:17 +0000

Korean ICO Companies in Singapore

Many Korean ICO companies and startups are moving to Singapore. The ban on ICOs in Korea have sent many blockchain startups to Singapore to raise funds, established companies, launch their token sales, and do crypto exchanges. It seems like Singapore or Hong Kong are the preferred destinations in Asia. Those that are looking for an exchange in Singapore, Coinmama might be your best option.

Singapore has become an ICO hub for many Korean blockchain startups and companies. One of the main reasons Singapore is on the rise for ICOs is because there is a lot less risk of getting attention from lawmakers. Singapore, unlike South Korea, has embraced blockchain startups. Those that would like to form a foundation or corporation in Singapore will find the process a lot easier than most countries.

Coinmama makes it easy to purchase crypto with credit/debit cards such as VISA and MASTERCARD.

How to Create a Coinmama Account

Here is a step by step breakdown on how to open an account and the required documents for a Coinmama account:

To place an order, first, you need to get your account verified. To do this, head over to your account page and click on Verify my account on the left side. After that, you’ll be asked to upload a valid government ID along with a selfie containing the ID and a piece of paper bearing the text “Coinmama” and today’s date

Once verified, you’ll be able to buy – in total – up to 15,000 USD worth of bitcoin with credit/debit card.

Acceptable documents are:

An international non-US passport (double page)
A national ID card (both sides)
A driver’s license (both sides)

Keep in Mind:

To avoid delays when verifying your account, make sure that your submitted documents are:

Visible in their entirety (all four corners of your document visible)
High-quality images (color images, 300dpi resolution or higher)
Valid documents, with the expiry date clearly visible
Not bigger than 8MB each
The Selfie needs to show you holding your ID and a paper note (with the writing “Coinmama” and today’s date on it, written in handwriting) together. Please notice that your face should be fully visible and that the writing on both the paper note and the Identification Document should be clearly readable.
The ID on the selfie needs to be readable

Once verified, here’s an easy step-by-step guide to creating the first order.

Log in.
Click Bitcoin or Ethereum.
Choose your amount.
Click the buy button.
Enter the wallet address you want the bitcoins to be sent to.
Confirm your wallet via confirmation email.
Proceed to checkout.
Fill out the form at the Coinmama Checkout Page.
Click “Pay Now”

Coinmama also offers affiliate accounts. Most banks in Singapore are crypto friendly so there should be no issue linking your Singapore bank with Coinmama.

The post Korean ICO Companies in Singapore Should use Coinmama appeared first on Startup Radar.

The Korean Government Needs to Work with Crypto Companies

Toufi Saliba — Sun, 03 Jun 2018 07:27:50 +0000

This blockchain technology promises greater financial inclusion for people in developing countries by giving them access to an efficient system of securing their finances. As for established countries like China, Korea, etc. They could be the leaders in blockchain innovation. I love seeing innovative countries looking to build their blockchain ecosystem. The Korean government needs to embrace this new technology.

Blockchain Technology Potential in Korea

Korea should not be looking just at Korea. They already power 700 million homes in electronics. Korea should be looking to partners to power 700 million homes in finance. This blockchain technology is poised to open up a new market for the financial services industry to provide mortgages, loans, and other services to over 7 billion people. Therefore Korea should not be worried about the 50 million people living in Korea.

The Korean government won’t be able to stop cryptocurrency technology. So instead of trying to stop it and ban it and so forth. They need to start looking to find a way to regulate it and keep all the bad actors out. If they do this they will be able to see the true distributed and decentralized power of Blockchain. This could potentially enable the entire global economy to run simply on connected smartphones, without the cloud, servers, central entity, or government. The key will be getting the bad actors out to realize this potential.

Who are the Bad Actors?

The cryptocurrency community in Korea wants these bad actors out as well. They are the ones giving ICOs a bad name. They are slowing us down and slowing down the government as well. The Korean government needs to protect their people not just from bad things but from missing a great opportunity to go global. They need to be working with crypto companies instead of banning them. Most of the crypto companies are good, sure there are some bad apples out there but the key is to open the door. Let them in. Then figure out who is good and who is bad.

The people in the crypto space need the help of government regulators and banks to stop the bad actors. Banning ICOs in Korea is only going to push a lot of great opportunities away from Korea. I feel the new world of finance is going to be driven by telecommunication and electronics. Korea already has an unfair advantage to step into that and they should use that advantage to be the innovators in this industry.

The post The Korean Government Needs to Work with Crypto Companies appeared first on Startup Radar.

How Ripple Can Help Korean Banks

John Yoon — Sat, 26 May 2018 08:22:13 +0000

With news that Woori Bank has finalized their plans to use the Ripple based platform. They have tested Ripple’s cross-border remittance service with great success. Other Korean Banks are starting to take notice and are seeking to use Ripple for their banking system for faster global transactions. Woori Bank is looking to implement Ripple by next year. They will act as the test bed for Korean Banks. If it is a success look for more Korean Banks to use Ripple by the end of next year.

So why is Ripple great for Banking?

Ripple is a private, centralized, permission based Blockchain. It is basically the opposite of bitcoin. To really understand Ripple we need to first understand how information gets exchanged between countries. For example, once you build your credit score in America, it won’t be accepted when you move to Korea. There are different systems and rules that are applied in Korea. Most of all they don’t take into account all the work that went into building your credit score in America. Same goes for the financial industry. In fact, it moves slower in the financial sector because of all the laws, rules, and regulations involved.

Replacing the SWIFT System

Banks use the SWIFT system when sending money from country to country. When people do wire transfers, the SWIFT system is what is used. However the SWIFT system is an old and outdated technology. It is very expensive and takes 1-2 days to clear. Money can be lost because of the exchange rates as well. However with Ripple, there is a agreed upon protocol that would be real-time and cost virtually nothing. Customers will be able to send money from country to country quickly and basically for free.

Why Korean Banks Can Benefit?

There are millions of Koreans that live outside of Korea and make money abroad. Many find it hard to send money back to Korea. How with Ripple customers will be able to send large amounts of money in and out of Korea. Ripple will be an alternative to the old style of global transactions. Through the protocol, the money can be monitored and follow each countries laws and regulations.

Why is Ripple not Free?

The reason why Ripple is not 100% free is that because if they made it free there will be a higher chance that people will spam the network. So once it does a transaction a fraction of the ripple coin (XRP) gets destroyed increasing the value of Ripple. Ripple can handle thousands of transactions per second and can handle the huge fluctuations in the network traffic. The banking industries will hold 70% of the market share which will help in case of market crashes and make Ripple a really stable cryptocurrency moving forward.

The post How Ripple Can Help Korean Banks appeared first on Startup Radar.

Korean Startups Need to Start Incorporating Smart Contracts

John Yoon — Fri, 25 May 2018 05:46:10 +0000

The buzz around the Korean startup ecosystem is incorporating blockchain and cryptocurrencies into their startup. Smart contracts are very popular in Korea right now. They are seeing global startups and corporations incorporating smart contracts to make their business run smoothly.

Korean startups are now looking to use distributed ledgers to store contracts. Smart contracts are just like regular contracts used in the real world. The only difference is that they are digital contracts (paperless). In reality, it is a computer program that is stored INSIDE the blockchain.

Here is an example

GoFundMe is a large fundraising platform. Project teams can go to GoFundMe, create a project and set a target goal and start collecting funds from people that believe in the project. So GoFundMe acts as a third party between the project teams and the supporters. This means that GoFundMe needs to be a trusted organization. If the target budget is met, the project team expects GoFundMe to give them the money. Also, supporters expect GoFundMe to give their money to the project team or give it back if their goal was not met.

The Solution

Smart contracts do not require a third-party. It can be programmed to hold all the funds until it reaches a certain point. The supporters can now transfer the money to the smart contract. If the project gets fully funded, the contract automatically passes the money to the project team. If it doesn’t reach the target goal, it will automatically go back to the supporters. Since smart contracts are stored on a blockchain, everything is completely distributed. Therefore no one person has all the power. Smart contracts on the blockchain can never be changed again. The smart contract is distributed to everyone so if one wants to tamper with it, they would have to convince the whole blockchain which is virtually impossible.

How Korean Companies can use it

Korean Banks like Nonghyup and Shinhan have shown a lot of interest in cryptocurrency, especially the use of smart contracts for loans or automatic payment solutions. There are a lot of blockchains that support smart contracts but the biggest is Ethereum. Smart contracts can be programmed using the programming language Solidity.

How Korean Startups can use it

Korean Startups in the e-commerce space can use smart contracts to make online shopping easier. Instead of going through a real estate broker, the blockchain can be formed to transfer titles. Whether it is Korean beauty products or K-pop tickets. The world is slowly moving towards the blockchain and it could become the next internet.

The post Korean Startups Need to Start Incorporating Smart Contracts appeared first on Startup Radar.

A VCs point of view regarding ICOs

Michael Smith Jr — Thu, 26 Apr 2018 04:50:12 +0000

ICOs Will Merge with VC Funding

I think ICO’s will be around for a while, but most will be combined with VC funding. It will not solely be about just raising capital without having a useful purpose for the token. As well as proper governance for the startup. Startups are going to have to take ICOs into consideration because blockchain and crypto are here to stay. We at SeedPlus have been investing in ICO startups and recently we invested in a company called Zenprivex.

Zenprivex (ZPX) is a startup that is building a decentralized cryptocurrency exchange in Singapore. They specialize in digital token creation, crypto research, and have actively managed funds in the crypto/blockchain asset class. The team is comprised of investors, bankers, consultants, and data scientists. They also have a strong advisory board comprised of investors and operators with deep networks in Asia.

Token Versus Cryptocurrencies

Many startups will be looking at Singapore as an option to start their ICOs. Many countries like Korea are going to get more strict around ICOs in general. However, as a VC I am more interested in platforms for companies that might have a token versus cryptocurrencies in general. Recently I have been reading up more on zCash because I find the notion of a global, open, and secure money very interesting. As well as the work they have done around shielded transactions with different levels of privacy.

As an investor, it is important to study up on the latest in blockchain technologies and cryptocurrencies because this is the future. Innovation will come out of these industries so it is important for VCs to familiarize themselves with potential movers in cryptocurrency. I will continue to monitor zCash and other privacy-focused coins.

The post A VCs point of view regarding ICOs appeared first on Startup Radar.

How Much Are You Willing to Lose Investing in ICO Startups?

John Yoon — Tue, 17 Apr 2018 05:50:27 +0000

Even with the Korean government banning ICOs in Korea, there are a lot of investors that want to invest in ICO startups. Many Korean companies and startups are looking outside of Korea to start their ICOs. Many of these ICOs are a risky investment much like cryptocurrencies as a whole. So when investing you need to ask yourself just how much money you are willing to lose? There have been many stories in Korea of investors losing all their money investing in ICOs or cryptocurrencies. There are even been stories of suicide because of the huge loses in these ICO projects.

Investing or Gambling?

At the end of the day investing in ICOs is very similar to gambling. However not like blackjack where you have close to a 50/50 shot at winning but rather much like roulette. The odds are heavily stacked against you but you hear news of people striking it rich, however, you don’t hear the news of people losing their savings.

What these ICOs remind me of are those penny stocks sold by shady wall street brokers. Therefore it is important to minimize against big losses by looking for projects that give tokens out right away and will go on the exchange very soon. That way your investment is still liquid. Also, see how much money these founders of ICO startups have put into the company. If they are heavily invested that is a good sign. They are not going anywhere and will try their very best to make the project a success.

The post How Much Are You Willing to Lose Investing in ICO Startups? appeared first on Startup Radar.

Top 10 Cryptocurrency Exchanges in Korea

John Yoon — Thu, 12 Apr 2018 09:40:33 +0000

Top 10 Korean Cryptocurrency Exchanges

Koreans are more interested in cryptocurrencies than any other country. This is in spite of the Korean government banning ICOs in Korea as well as regulating cryptocurrency exchanges in Korea. Many Koreans are even banking on cryptocurrencies as their retirement funds! Daily trading of cryptocurrencies is very high in Korea so it is good to know which are the best cryptocurrency exchange sites in Korea. We at Startup Radar have assembled a list of the top 10 cryptocurrency exchanges in Korea. We looked into many factors, such as the number of users, security features, customer satisfaction, and payment options. If you are a beginning trader living in Korea, you will definitely find this article helpful.

10) Youbit

Youbit has made headlines for getting hacked. They are previously operated by Yapizon. During that time they were hacked for over 3,000 bitcoins. Many suspected that North Korea was behind the hacking of the Bitcoins. Therefore, after that Youbit went offline but this year they re-emerged. Many thought after they filed for bankruptcy over al this controversy, that this would be the end of Youbit. However, they are back under new management called Coinbin.

9) Coinlink

Coinlink is a Korean cryptocurrency exchange company that is listed on Kosdaq. Therefore, Coinlink is Korea’s first bitcoin exchange run by a Kosdaq-listed company called Accupix. Accupix’s main business is selling coal but they also construct railway communication systems.

Coinlink will be operated by Fourth Link. Because Coinlink will be the first cryptocurrency exchange operated by a Kosdaq-registered company, it will have a secure system and reliability. Fourth Link is looking to build a global network of cryptocurrency exchanges. The first step will be signing a partnership with Glosfar, which is a Korean company that offers bitcoin transfer services. In addition, they are also looking to form alliances with partners in China, Japan, U.S., Philippines, Indonesia, and South Africa.

8) Zeniex

Zeniex opened in February of 2018. They were created by Korean and Chinese finance and security experts. Currently, the platform can only buy and sell cryptocurrencies because many major Korean banks are holding off on confirming bank accounts for cryptocurrency trading. Furthermore, many Korean banks have been refusing to issue real-name accounts citing uncertainties and security concerns regarding cryptocurrencies.

7) GOPAX

GOPAX stands for Global Online Professional Assets Exchange. This is a very new exchange. It was opened by a blockchain company called Streami in late 2017. Streami is partnered with Korean bank Shinhan. On GOPAX users can trade the day they register. It is very easy to register and the exchange platform is very easy to use. In addition, everything is on a single page and there are no transaction fees. Most of their trading comes from Bitcoin and Stellar.

While they are a very new exchange there is a lot of buzz around GOPAX. They have been aggressive in their efforts to increase their users. Furthermore, they have done many promotional events where they gave away free coins. They are now trading Ripple! The drawback to GOPAX and the reason it is 8 on our list is that the site is too focused on the local Korean market. Therefore, this exchange is for Koreans and you won’t find many English comments or feedback.

6) Coinnest

Coinnest made headlines for being the first cryptocurrency exchange company to have their employees arrested by the Korean government. The exchange has over 500,000 members and has the vastest selection of cryptocurrencies. They offer the Pundi X Pass card which users can top up cryptocurrencies through the mobile app or through Pundi X POS devices. This will allow people with no access to cryptocurrencies to conduct transactions.

The purpose of the Pundi X Pass and the Pundi POS is to bring cryptocurrencies to the mainstream. In addition, their public token sale in January sold out in just 90 minutes. Coinnest’s most traded crypto is Tron which makes up over 50% of its daily volume.

5) Coinplug

Coinplug is known for their okBitcard service. This service allows Koreans to buy Bitcoin vouchers at any 7-11 or Mini Stop across Korea. Therefore, this is a very quick and easy way to buy small amounts of bitcoin. All you need is your phone number. You can also purchase bitcoin using your credit card. They have over 7,000 ATMs in Korea.

Coinplug has made all this possible because of their partnership with Nautilus Hyosung which is Korea’s largest ATM hardware producer. The goal was to make acquiring Bitcoin easy to the general public. Coinplug is looking to expand to other countries by the end of 2018.

4) Korbit

Korbit was the first cryptocurrency exchange in South Korea. It is our #4 cryptocurrency exchanges in Korea. The exchange had a solid reputation of being foreigner friendly. Furthermore, it holds a 6% market share in Korea. They have very low fees, great security features, and offers a remittance service. This year Korbit has banned non-Korean citizens from depositing local currency into Korbit. Therefore, this resulted in Korbit losing a lot of foreign customers.

Korbit has been leading the way in following the regulations set by the Korean government. In addition, they have taken steps in requiring cryptocurrency exchange users to connect to their bank account for identification purposes.

3) Coinone

Coinone focuses mainly on Bitcoin, Ethereum, and Ethereum Classic. They hold 8% market share in Korea. In addition, they have gone from a 20 employee company in early 2017 to over 100 employees today. They have over 600,000 users and does over 20 billion won in monthly revenue. Furthermore, Coinone has been at the forefront in encouraging healthy trading practices through education. They have issued statements on the technological aspects of each coin they list.

Coinone made headlines this year for being raided by regulators who wanted to check their ledger. However, this has not slowed down Coinone. They are looking to become a global fintech company that does exchange remittance, investment consultation, and insurance services. They are currently looking to form joint ventures with Southeast Asian crypto exchanges.

2) Bithumb

Bithumb has quickly become one of the most dominant cryptocurrency markets in Korea. They continue to add cryptocurrencies such as Litecoin, Bitcoin Dash, and Ethereum. All these can be exchanged for Korean Won. They hold 33% of the market share in Korea and have a daily trading volume of over 250 billion Won. They are all about the promotion of using digital currencies for everyday life. Therefore they recently showcased their new kiosks that accept Bitcoin Cash.

In 2018 Bithumb partnered with Korea Pay’s Services to reach Korean brands to try payments in cryptocurrencies. Furthermore, their focus moving forward is on launching three services for the kiosk venture. In addition, Touchpad, Touchbone, and Bithumb Cache, all focus on making it easier for customers to use digital currencies.

1) Upbit

The Kakao-backed cryptocurrency exchange comes in at #1 in our rankings. last year they received close to 200 billion won in commission sales last year. They hold 53% market share in Korea and has a 24-hour trading volume of 1.3 Trillion Won. It is operated by Dunamu Inc. which also owns Korea’s top messenger app Kakao Talk. Upbit is integrated with Kakao Talk and has over 120 cryptocurrencies because of their partnership with Bittrex.

Upbit has plans to launch a new global cryptocurrency index called UBCI (Upbit Crypto Index). This will set the standard for future coins and make it easier for investors and the public to understand the market trends. Look for UBCI to play an important role in Korea, especially for future ICO startups in Korea.

The post Top 10 Cryptocurrency Exchanges in Korea appeared first on Startup Radar.

Why Koreans are So Obsessed with Cryptocurrencies

John Yoon — Fri, 06 Apr 2018 05:15:16 +0000

Korea’s Obsession with Cryptocurrencies

It is widely known that Korea has been a hotbed for cryptocurrency trading over the last few years. Many Koreans were active in investing in Bitcoin, Ethereum, etc. So why are Koreans so obsessed with cryptocurrencies? Many feel that this is their only way out of a low to a middle-class life. In order to buy an apartment in Seoul, the average deposit is around $500,000. That is crazy when you think about the fact that many Koreans work for around $30,000 a year.

Cryptocurrency actually gives Koreans a shot at becoming rich. Why? Because they have seen or heard many of their friends and family getting rich off cryptocurrency in early 2017. There have been reports that 1/3 of Korean workers have invested in digital currencies within the last two years. Most of those workers are under the age of 40. This young Korean generation either sees the potential of digital currencies or they are looking for a quick way to earn money.

Starting from 2018 cryptocurrency prices have dropped. All those that invested in cryptocurrencies are now dealing with the huge losses. Many Koreans are going to psychologists at a higher rate, divorces are up, and in some cases committing suicide. So why are young Koreans looking at cryptocurrencies as their last option? In the past five years, it has become harder for young people in Korea to find jobs. There is so much competition out there that it is hard for young Koreans to separate themselves from the pack.

Very Few Options

This is why many young Koreans are looking into cryptocurrencies. What else are they going to invest in? Most young Koreans have a couple thousand dollars to invest. Are they going to invest in real estate? Not with these sky-high real estate prices in Seoul. Put it in a saving account? The interest rates are a joke in Korea. In reality, cryptocurrencies really are their only option.

Korea is the prime country for cryptocurrency trading. Koreans spend hours on their mobile phones and every home in Korea has high-speed internet access. Globally speaking Korea might be #1 when it comes to smartphone use. This lead to cryptocurrencies costing 50% more than the global market. This was called the “kimchi premium” which brought many global traders into Korea to capitalize on this albatross. However, this was the past. Presently the cryptocurrency space in Korea is depressing. Prices continue to go down for all cryptocurrencies.

The causes of the fall of cryptocurrency can be from government regulations. China has outright banned cryptocurrency trading and Korea banned ICOs. With all these regulations the fall of cryptocurrencies has continued until now. Many young Koreans have lost their life savings. They will need to start over again but is there really another option? The Korean government should not focus on restricting this new technology but helping these young Korean entrepreneurs to use this technology to create something innovative and beneficial to society.

The post Why Koreans are So Obsessed with Cryptocurrencies appeared first on Startup Radar.