Who was OKCoin?
One of China’s most significant cryptocurrency exchanges, well, at least, one of the most significant right before the country decided to clampdown against the cryptocurrency industry.
To make this decision turn into a success, OKCoin has joined hands with a local game developer, NHN Entertainment.
The exchange has received an overwhelmingly positive response in the new territory.
It has already received 150,000 requests for registration
Through the website that OKCoin launched for its operations in South Korea, the exchange had started a round of pre-launch registration on January 19.
The cryptocurrency exchange received 150,000 registration requests within two days, and OKCoin will now plan to start its second round of pre-launch registration shortly.
In celebration of its launch, OKCoin will be giving away cryptocurrencies to up to 1,000 customers that register themselves through the pre-launch program.
Winners will be selected and announced once the pre-launch program has been completed.
The exchange plans to start its operations within this month
It was also announced that OKCoin along with NHN Entertainment plans to start its operations within this month and looks forward to providing full-fledged cryptocurrency exchange services.
The exchange’s headquarters will be based in Seoul, and it will be using its applications and systems for trading services. NHN Entertainment will be providing support with domestic operations in regards such as server and customer management.
It was further mentioned by NHN Entertainment, that it is yet to finalize the finer details of its involvement in the exchange’s operations. It was reported that operating the joint venture as a subsidiary was one of the options being considered.
Current South Korean exchanges will face significant competition
OKCoin will be offering trading services for 60 cryptocurrencies.
Bithumb, one of the country’s largest exchanges in trading volume, trades in 12 cryptocurrencies at the moment.
It was also mentioned that OKCoin would be supporting transactions in South Korean Won for these listed currencies. Most of the exchanges usually have trading pairs with Bitcoin and Ethereum, which causes an additional hassle for cryptocurrency customers.
By providing direct access for trading, OKCoin wants to establish itself in the new market as a serious competitor.
Other Chinese exchanges would also follow
OKCoin’s decision to start its operations in South Korea is largely influenced by the precarious situation that cryptocurrency handlers have to face in China.
Last year, the Chinese government had decided to shut down cryptocurrency exchanges within its territory. Recent news reports suggest that the government is now looking into blocking access to cryptocurrency trading websites and mobile apps as well, essentially eradicating cryptocurrency trading within its borders.
Since the Chinese government has taken similar actions in the past, the local cryptocurrency community does not take these reports lightly. It will not be a surprise if other cryptocurrency exchanges follow OKCoin’s footsteps to South Korea soon.
Even though the environment in South Korea regarding cryptocurrency has been rife with rumors lately, it does seem that the country will not be banning any cryptocurrency exchanges soon, reports suggest.
It is being hinted that South Korea might impose some regulations on cryptocurrency exchanges rather than shutting them down altogether, but there has been no confirmation on that front so far.