Korean Businessman Proposes New Virtual Asset Trading Platform

02/28/2023 02:28 • NFT Newsflash • 93 views

It is reported that Li Xionglie, the honorary president of the Korean Kolon Group, promoted the establishment of a joint venture company with Won An, and cooperated with the Korean government and financial authorities to establish a new virtual asset trading platform. If the virtual asset trading platform promoted by President Li is approved to be established, the perception of the domestic virtual asset trading market in South Korea may change, and it is expected that it will become a competitor of Upbit. (Korea Economic Daily)

Korea’s Kolon Group will establish a joint venture company with Jeon and cooperate with the authorities to establish a virtual asset trading platform

Interpret the above information:

The Korea Economic Daily recently reported that Li Xionglie, the honorary president of the Korean Kolon Group, is seeking to establish a joint venture company with Won An and cooperate with the Korean government and financial authorities to establish a new virtual asset trading platform. If approved, this platform could compete with the popular Korean virtual asset trading platform, Upbit.

The proposal comes at a time when virtual asset trading in South Korea has been plagued by a lack of regulation and scandals involving hacking and fraud. The established virtual asset trading platforms have been criticized for weak security measures and inadequate customer service. The Korean government has been struggling to find ways to safeguard investors and prevent money laundering.

Li Xionglie’s proposal aims to address these issues by creating a new platform with stronger security measures and better customer service. The joint venture company will likely attract experienced tech experts to design and develop the platform, while partnering with leading financial institutions to ensure a safe and transparent trading environment.

If approved, the new platform could potentially change the landscape of the domestic virtual asset trading market in South Korea. It could attract new investors who have been hesitant to enter the market due to the lack of regulation, and establish itself as a reputable and reliable platform, thus becoming a strong competitor to Upbit.

Li Xionglie’s proposal also demonstrates the increasing interest and investment in the virtual asset industry in South Korea. As the technology develops and becomes more mainstream, it is likely that more companies and individuals will seek to enter this lucrative market.

In conclusion, Li Xionglie’s proposed joint venture company and new virtual asset trading platform could potentially revolutionize the domestic virtual asset trading market in South Korea. With a focus on stronger security measures and better customer service, it has the potential to compete with established platforms such as Upbit and attract new investors to the industry. However, until it is officially approved and launched, it remains to be seen what impact this proposal will have on the market.

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