Coinone is getting ready to set up a crypto exchange in a foreign land as a Korean company. It would be the first time the 3rd largest crypto exchange of Korea will work overseas, reported businesskorea.co.kr.
On April 16, the company announced that it had entered the global digital currency market by opening “Coinone Indonesia” in Jakarta, Indonesia. It is planning to provide its services to interested investors from the end of next month, as soon as the completion of the preliminary registration.
Coinone Indonesia will allow traders to buy and sell six different cryptocurrencies including, Bitcoin Cash (BCH), Etherium Classic (ETC), Bitcoin (BTC), Quantum (QTUM), Etherium (ETH) and Light Coin (LTC). With a population of more than 260 million people, Indonesia is currently the largest currency market in Southeast Asia. As an explanatory figure the number of users in INDODAX, largest cryptocurrency exchange, is close to the number of traders in the stock exchange of Indonesia.
Starting operation on a foreign country was natural for the company as other large Korean exchanges like Bithumb and Upbit have already entered new business territories. The step was in response to the recent drop of 5 to 10 percent in cryptocurrency trade in January. As of now, the crypto space is in a speculative mood, and they do not want to rely solely on trading commission income.
Upbit is trying to develop a blockchain ecosystem with the aim of investing 100 billion won in blockchain based companies in the next three years. Meanwhile, Bithumb has entered the offline payment business by joining hands with other firms.
According to news published in pulsenews.co.kr, one company official claimed that Indonesia would serve as a stepping stone for the company to enter into the global market. The exchange will be coordinating with the regulating authorities and the traditional financial sector of Indonesia to boost the crypto and blockchain market in the country.
Interested investors can register with the exchange with an e-mail address. The service will be open to Indonesian citizens and foreigners residing in the country after going through an Identification process with their passports.
In order to attract people, the company has planned a promotional airdrop event to offer around 10 million rupiah in digital currencies to the first 10,000 investors. Clients who are able to complete identification certification after the service launch will be given ten commission-exemption vouchers.
The Korean crypto giant has been keen on harvesting the crypto boom in Korea. It had opened a brick-and-mortar cryptocurrency exchange to ride along the wave of crypto popularity. On the other hand, the Korean government is increasing its scrutiny over crypto exchanges to minimize the side effects of cyber money.
With countries posing stricter regulations over crypto exchanges they are being pressurized to move into other friendly economies. Many exchanges in Japan have ceased their operation in opposition to government’s new regulations. It would be interesting to see if Korean exchanges like are able to make profits or even survive under different crypto guidelines.