Business 4 September 2017Jasmine 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.
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