Business 4 September 2017

Jasmine Solana

South Korea’s Coinplug starts trading Bitcoin Cash

As South Korea warms up to cryptocurrencies, more and more companies have been rolling out services catering to the market. And the latest company to join the mix is Bitcoin brokerage and service provider Coinplug.

On Friday, the South Korean company announced the launch of its new trading platform called Coinplug Digital Asset Exchange (CPDAX), where users can trade Bitcoin, Bitcoin Cash, Distributed server processing system Ethereum and Litecoin.

This is the first time that Bitcoin Cash is supported by a Coinplug platform, although the company has already signaled its intention to support BCH. Last Aug. 10, Coinplug said it would “allow Bitcoin Cash trading” and “credit all Coinplug customers with 1:1 ratio of Bitcoin Cash relative to your Bitcoin balance.”

Now, Coinplug said users who have created an account on CPDAX “will be given a Bitcoin Cash balance equal to your Bitcoin balance as of August 1st 2017.”

“CPDAX is a brand new platform which we rebuilt from the ground up and because it’s a new platform we are unable to transfer existing Coinplug members automatically to CPDAX due to security and legal issues. If you choose to use CPDAX you would need to create a new account at CPDAX and transfer over your assets and funds from your Coinplug account,” the company said in a statement.

As part of the launch, Coinplug said it is “giving back all trading fees for a whole month.” The promotion will end on Sept. 27, according to the company. All digital assets on CPDAX are traded against the Korean won.

Founded in 2013, the South Korean start-up provides different Bitcoin-related services, including a brokerage, a wallet, a Bitcoin gift card, a two-way ATM and a merchant payment processor. Coinplug, whose investors include SBI Asset Management and venture capitalist Tim Draper, has also partnered with South Korean bank KB Kookmin on several blockchain projects.

In October 2016, KB Kookmin integrated the blockhain-based Coinplug Identification System, allowing KB Kookmin Card users to add, verify or revoke identities tied to the credit card.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Blockchain, Brexit, and Ireland: What will happen?

Business 1 hour ago

Blockchain, Brexit, and Ireland: What will happen?

The economic uncertainty has led many to believe that cryptocurrency might be able to play a role, since traditional currencies might not be able to stabilize through the crisis.

Read More
Cryptopia outlines eventual return as exchange resumes trading

Business 1 hour ago

Cryptopia outlines eventual return as exchange resumes trading

Co-founder Rob Dawson categorically denies that an exit scam took place, and points out that Cryptopia actually plans on reopening. For now, the crypto exchange has resumed trading on 40 various crypto trading pairs.

Read More
Galaxy Digital invests $5.25 million in Bison Trails

Business 2 hours ago

Galaxy Digital invests $5.25 million in Bison Trails

After investing his clients money at the worst possible time, Stefanos Papanastasiou is being sued for losing most of the money.

Read More