Bucking freefalls in the prices of crypto-currencies like signature Bitcoin, blockchain platform providers' foray into domestic crypto-currency exchange markets seems unstoppable and irreversible.
Some foreign exchanges are gearing up themselves to enter into Korean crypto-currency exchange market to expand their global reach. On the other hand, domestic companies are joining the race to diversify their product portfolio.
A case in point is Glosfer Corp. a private and public blockchain platform architect that has been mainly tapping into the domestic blockchain platform markets. At a media briefing held on Dec. 6 in downtown Seoul, Kim Tae Won, CEO with Glosfer has clarified his intention to open its own crypto-currency exchange bourse in early 2019, stressing that the exchange bourse should go beyond the conventional business model of 'trade mining'.
"The brand naming is still underway, but the opening is in due course for sure," said he.
The trade mining is a sort of traders rewarding program where exchanges redeem traders with their own issued crypto-coins whenever transactions are made. Although it is still unclear what the post-trade mining model is about, however, CEO Kim made it clear that he is now working with his partners to cut a path to what he calls as an evolution in the trader rewarding program.
Glosfer isn't a newcomer to the crypto-currency exchange market. The company is a sort of trailblazer that opened its exchange bourse in 2015 and had exited the market in early 2017 to focus on the blockchain platform business.
Glosfer thinks that now is the right time to resume its exchange business, because the craze of crypto-currency is fading away to a soft landing for solid market growth, taking out much of hypes and bubbles.
CEO Kim says that the expertise and knowhow in the operation of the bourse will pay off in the successful and profitable resumption of the exchange business, surviving recent downfalls of crypto-currency markets across the world.
On the top of that, Glosfer is working on the implementation of tougher and more transparent ICO requirements like a 100% disclosure of ICO screening procedures.
Glosfer isn't the only company that is preparing for the opening of the exchange. YD Media, a subsidiary of online game maker YD Online is scheduled to open Korea Coin Banking Service Exchange or KOBE on December 10.
OKCoin Korea, a Korean subsidiary of Chinese exchange bourse operator OKCoin announced its plan to open its Korean crypto-currency exchange.