BITPoint Japan announces entry into Korea

Japanese cryptocurrency exchange operator BITPoint Japan has launched a website in South Korea through a joint venture, stepping into a market that accounts for as much as 15 percent of global cryptocurrency transactions.

Transactions made in Korea are worth 2 trillion won ($1.86 billion) per day on average.

The joint venture, named BITPoint Korea, was founded in August by BITPoint Japan and Korean experts in equity and futures trading. 

In a press conference held Wednesday, the firm said it has been operating a beta version of a cryptocurrency exchange compatible with online trading platform MetaTrader4 since Nov. 1.

BITPoint Japan will focus on expanding payment gateway for cryptocurrencies including bitcoin here, in line with their growing presence in China, Taiwan, Singapore, Australia and the United Kingdom, the firm said.

“The substance of cryptocurrency comes from its serviceability in the world as a common means to payment,” Genki Oda, president of BITPoint Japan, told the press.

Korea’s cryptocurrency exchange market is currently dominated by major players Bithumb, Korbit and Coinone, with Bithumb alone taking up 60 percent of market share.

To compete, Kim Young-man, chief executive of BITPoint Korea, said it would make security in exchange operations a top priority. For this, BITPoint Korea‘s exchange has employed a security system that holds an extended validation SSL Certificate, “to the level of conventional financial firms.”

Kim added the main target for cryptocurrency payment gateway adoption would be online shopping websites.

Meanwhile, the new exchange by BITPoint Korea will adopt commission fees of 0.1 percent from transactions, with 10 different digital currencies available for trade by February 2018.

By Son Ji-hyoung 
(consnow@heraldcorp.com)