Virtual Asset Exchanges Expand Their Business… 41 Coins Were Newly Listed This Year

Major virtual asset exchanges in Korea are competitively listing new coins Coinone and Bithumb listed 20 and 14 projects, respectively Some people point out that the exchange is responsible for listing of poor projects

[Financial News] Major virtual asset exchanges in Korea are expanding their business by listing 41 new virtual assets in three months this year. Last year, the exchanges strengthened cautionary item policy for investment and are now listing new blockchain projects to expand their business.

The industry analyzes that virtual asset exchanges are aggressively listing new virtual assets to offset sharp declines in profits last year. Due to the lack of investors’ confidence, last year’s profits from major exchanges in Korea fell about 70% compared with the previous year.

■Coinone listed six projects per month

Major virtual asset exchanges in Korea such as Bithumb, Upbit, and Coinone have listed 41 new virtual assets this year.

According to the industry on the 8th, major virtual asset exchanges in Korea are listing new blockchain projects competitively this year. Upbit resumed listing five months after the listing of Hedera Hashgraph (HBAR) in September last year. Bithumb and Coinone also listed more than 10 new projects on the exchange in the first quarter of this year.

Coinone has listed a total of 20 new projects this year. In other words, Coinone listed six new projects a month and one or two new projects a week. Daily trading volume of Coinone increased about 298% from the same period a year earlier. Monthly trading volume increased five times from 630 billion won in April last year to 3 trillion won this year.

Coinone announced, “The projects listed this year are not only verified services, but also confirmed in terms of virtual asset design, such as the amount of tokens held by advisors and storage conditions.” “For example, we check the operation of demo service of the game project one by one and decide to list it,” they added.

Upbit and Bithumb also listed seven and fourteen new projects, respectively, to expand the service. Both exchanges are fiercely competing for the top 50 global exchanges in the daily trading volume category. Upbit and Bithumb currently provide 172 and 107 virtual asset trading services, respectively.

■Responsibility of the exchange needs to be enhanced
However, some argue that exchanges could undermine project verification as they list new project aggressively. BenePit, which was listed on Bithumb in February, was designated as a cautionary item for investment in a month after listing, since the amount of virtual assets announced by the exchange before listing and the amount of distribution after listing were different.

Cosmo Coin, which was delisted due to lack of trading volume at Coinone earlier this year, was re-listed on Bithumb two months later. In this way, the listing requirements for each exchange are different, so investors may be confused.

An official from the virtual asset industry said, “In general, startups must meet the strict requirements of the government to be listed on the KOSDAQ.” “There are no negotiated regulations in the virtual asset market, so the listing is entirely up to the decision of the exchange,” he added. He also said, “The virtual asset market must set the standards for listing and responsibility so that investors are not exposed to risk.”

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