Despite the fact that the South Korean government has become colder towards cryptos since the end of 2017, a new cyber money trading venue has announced its launch in this country.
Finally, Huobi has formally set off in South Korea, offering 100 cryptos for trading, 201 crypto pairs as well as 208 markets.
The crypto bourse also promises to establish the safeguarded atmosphere for assets and a program for refunding any losses caused not by investors, stat. That is a very promising offer, especially after the January hacker attack on the Japanese platform Coincheck, resulting in the loss of $500 million worth NEM coins.
Huobi Entering South Korean Virtual Assets Market
Huobi is known to be a Chinese cyber money platform, headquartered in the country’s capital. Now, it has a subsidiary Huobi Korea in the progressive Asian state. The exchange notified about its formal launch on Friday, March 30.
Huobi itself is considered to be the third immense cyber money trading platform in the world. Every day, there are traded $1.32 billion worth coins. By contrast, Korea’s largest bourse Upbit can boast only with the $750 million trading volume.
Before China announced the clampdown on crypto exchanges, Huobi had been even the most considerable there. But since that time the company started spreading in other states, including Singapore, the US, Hong Kong and now, Korea.
Therefore, Huobi Korea has all the chances to succeed in a new market for it.
Security On Top
On par with a wide variety of offered pairs for trading, the new-born exchange also provides the high level of protection as it says it preserves almost 100% of its clients’ assets in cold wallets.
As it is known, this types of wallets which keep reserves of cryptos offline, not likewise hot wallets. Therefore, cold wallets are much more desperate for hackers to crack than the hot ones. By the way, in the case of Coincheck, most of NEM units were stored in hot wallets. That is why the incident occurred.
Huobi Korea also claims that its internal access operations have been reinforced.
Moreover, the platform also promises to establish a protection fund for all those people who have piled into cryptos, so that they would be able to get their funds back in case of any force majeure.
Variety For Trading
Among coins offered for trading on Huobi Korea, there will be known bitcoin, bitcoin cash, litecoin, NEO, Ripple, NEM, ethereum and lots of other altcoins, making up a sum of 100 coins.
However, there is no support for the Korean Won yet, even though the platform promises to prepare and launch it in the foreseeable future. That is, perhaps, due to the control that the South Korean gov’t set on the cryptos.
Since the end of January Korean financial establishments have the right to create virtual accounts only to Korea’s four most significant trading bourses, including Bithumb, Coinone, Upbit as well as Korbit. Other banks are not permitted to do so due to the real-name system for the crypto-market.