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Coinone, the second largest cryptocurrency purse in South Korea behind Bithumb, the second trading volume platform, integrated Litecoin.
Within 24 hours of Litecoin's integration, Coinone processed $ 3.2 million worth of Litecoin-to-Korean transactions, becoming Litechoin's eleventh largest stock exchange on the market .
South Korea, an important market for Litecoin
South Korea is a vital market for Litecoin, mainly because Bithumb handles 25 percent of Litecoin's global transactions. Bithumb pays $ 38.5 million daily in LTC-KRW transactions, more than double the volume of GDAX, the flagship Coinbase exchange.
Earlier this week, CCN reported that the list of Bithumb cryptocurrencies and other South Korean stock exchanges is crucial for first-rate cryptocurrencies because the integration of trading platforms South Korea offers immediate liquidity to a rapidly growing market
"Bithumb has been an important factor in the rapid growth rate of Bitcoin Cash.As the second largest cryptocurrency exchange in the world behind Bitfinex, the Bithumb integration provides significant liquidity to a cryptocurrency The importance of the integration of Bithumb has been recently demonstrated by Qtum.In the five days following the integration of Qtum, Bithumb has become the largest market for the market. Qtum exchange with about 51% market share. " read a NCC report.
The Offline Exchange of Coinone, Litecoin's Exposure to Traditional Investors
It is important to recognize that Coinone operates an important offline market that targets institutional investors, retailers and leading investors in the traditional financial sector. He provides direct customer service at Coinone Blocks headquarters in Seoul and goes through the cryptocurrency trading process with customers.
In an interview with News1, a South Korean trade news publication, a 53-year-old investor stated:
Due to the emergence of physical cryptocurrency trading and off-line customer service operations launched by CoinoneBlocks and Bithumb, many South Korean investors are rushing to sell their shares and shares in public companies to invest in cryptocourses such as Bitcoin. Since the beginning of 2017, the demand for bitcoins has increased significantly and investors have been able to boost confidence in the cryptocurrency market through offline trading. "
Therefore, in addition to its liquidity, the integration of Litecoin will prove advantageous for the medium and long-term growth of Litecoin given that the majority of traditional investors in the financial sector Conventional support on Bithumb and Coinone blocks offline trading to invest large sums of money in Litecoin. The growing popularity of offline trading has probably led to Litecoin's demand in South Korea, which has allowed Bithumb to be Litecoin's largest stock market.
Over the past year, Litecoin has shown a rapid growth rate, especially after the resignation of Coinbase leader Charlie Lee to focus solely on the development of Litecoin. Cryptocurrency has integrated the mallability and scalability solution of the Bitcoin Core development team, Segregated Witness (SegWit), and is also exploring innovative solutions such as atomic trading to increase the efficiency and confidentiality of the users.
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