Cryptocurrency in Korea: Explosion to Unforeseeable

The entire crypto market is about USD 200 billion and more than 1,100 crypto currencies are registered on exchanges around the world. Currently, South Korea is behind 60 to 70 percent of the daily traded amount in the cryptocurrency market–though it does fluctuate day by day,–which amounts to about USD 2.7 billion. In this cryptocurrency market, Korea is showing explosive growth and is showing great potential despite the new restriction national laws taking place.

As of October 2017, around 6% of Bitcoin, the first ranked currency with a market cap of USD $121 billion, was being traded in Korea, as well as 25% of Ethereum which has a market cap of USD $30.5 billion. Over 65% and 40% of Ripple and Bitcoin Cash were traded in Korea respectively. Outside such well known currencies, it’s a fact that Quantum and Monero are being traded over 70 and 40 percent in Korea.

Outside trading volumes, three South Korean exchanges make Top 10 exchanges worldwide: Bithumb consistently makes top 3; Coinone makes top 6; and Korbit in top 10. Plus, the highly anticipated new exchange Kovex is in the process of building an AI-based automated trading system. This is to show the world a more advanced, state-of-the-art exchange model.

Foreign exchanges are also making moves. Bittrex, the top exchange from the US, have partnered up with Kakao (Korean corporation) to launch a new exchange called, Upbit. Japan’s Bitpoint is also entering Korea with a Bitpoint Korea subsidiary. As of the moment, Korea plays a leading role in the growth of cryptocurrency market by supplying large-scale liquidity and raising the market value of the many currencies from the moment of their listing.

ATFS Lab plans to list soon-to-be-released ATFS tokens on foreign exchanges as swift as possible to the benefit of our global investors. We also plan to get listed on Korean exchanges to not miss the extreme boom happening now.

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