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Coinbit: New Korean Exchange on the Horizon

Cryptocurrency NewsMay 10, 2018 04:30AM ET
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Coinbit: New Korean Exchange on the Horizon

The Coinbit exchange is finally ready for the launch, after failing to meet the April 30 deadline. On May 11, the new marketplace will open, while listing 50 of the hottest digital assets this spring, as well as already established ones like Litecoin (LTC).

Korean trading is seen as extremely important for the crypto ecosystem. High-volume exchanges still have fiat pairings against the Korean Won, and give an entirely different risk profile to many assets. The Korean markets have also served as price discovery mechanism and a source of liquidity for many of the prominent ICOs, ensuring relatively fast listing and active trading.

Until now, listings on exchanges like Bithumb have lifted the fortunes of previously sinking coins. However, some markets remain less influential, and at the moment, KuCoin is one of the hotter marketplaces, mostly due to listing numerous assets and giving exposure to brand new coins.

The Coinbit exchange launches with a month of zero fees to encourage trading, and afterwards would offer fees of 0.05%. The exchange, however, still has most of its service pages in Korean, possibly discouraging Western investors.

In the first round of listings, Coinbit will add Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), but also several prominent tokens, such as Ardor (ARDR), NXT (NXT), and also Ripple (XRP) and Ethereum (ETH) together with Ethereum Classic (ETC). There are 50 markets in total, for coins and tokens of various sizes and prices:

Exchanges are still indispensable to the cryptocurrency ecosystem, despite attempts to achieve alternative trading mechanisms through smart contracts, where users never lose ownership of their asset.

Trading on the entire crypto market has seen fluctuations in volumes, so it is hard to predict how a new exchange could affect the markets. So far, the older crop of exchanges, especially Poloniex, was easily displaced by new projects, with Binance taking the lead less than a year after its ICO.

The up and coming Coinbit exchange has yet to prove itself and reach out to the community, but the listing may create hype for some of the assets.

This article appeared first on Cryptovest
Coinbit: New Korean Exchange on the Horizon

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