Korean blockchain firm Coinplug today launched “CPDAX”, a new professional trading exchange. The team says its platform will focus on stability and security, which the local market needs after recent breaches.
The CPDAX (Coinplug Digital Asset Exchange) platform will trade in Korean won (KRW) only. Cryptocurrencies offered are bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), ethereum (ETH) and ethereum classic (ETC). It may offer others in the future if there’s user demand.
Coinplug’s Richard Yun said the recent cryptocurrency boom in Korea grew from the country’s past love of mobile game and other digital technologies. These early adopters then began to see cryptocurrencies as an investment vehicle.
CPDAX has also signed on Ethereum founder Vitalik Buterin as a technical advisor.
Experience With Blockchain-Based Authentication
Seoul-based Coinplug first launched in 2014 as a bitcoin exchange, mobile wallet and payment processor.
After initial success, it shifted its focus to building secure blockchain-based authentication platforms for major financial institutions including KB Bank, KB Card, and KOMSCOM (the Korean minting, security printing and ID operations corporation).
Coinplug says the experience and knowledge it gained from those projects will enable it to deliver a safer and more professional user experience. It also wants to make the platform more user-friendly for beginners.
The company is a founding member of the Ethereum Enterprise Alliance (EEA) and is also a member of Hyperledger and the SBI Consortium in Korea.
Korea’s 2017 Crypto-Craze and ICOs
CPDAX hopes to capitalize both on the current crypto trading craze in Korea, and the wider industry’s hunger for ICOs. Yun added:
“There are many active ICO projects, so we’re trying to find good ICO tokens to trade on our exchange. Users can trust us to trade reliably because Coinplug is the most reliable blockchain company in Korea — and other countries as well.”
CPDAX to Focus on Security After Recent Korean Hacks
Exchange security has been a media issue in Korea recently. Bithumb, one of Korea’s largest exchanges, had to compensate users in July after a hacker accessed a customer database, and used social engineering techniques to drain their accounts.
“There always will be threats of hacking and perfect security forever does not exist,” Yun said.
“For that reason, we make the security of our customers’ assets a top priority. We always try our best to operate CPDAX as the most secure exchange in the industry — utilizing our experience operating a Bitcoin exchange, constant investment in security, and numerous patents on blockchain based authentication technology.”
Coinplug currently holds over 140 Korean patents pertaining to blockchain technology and security, and has applied for a further 26 internationally.
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Images via Coinplug, CPDAX, Pixabay, Wikimedia Commons