South Korean Exchanges Create More Offline Space As Crypto Users Increase
Following the increase in domestic interest for crypto assets, some top crypto exchanges in South Korea are reopening their offline customer centers.
Bithumb and Coinone have opened their centers, and some others are planning to do the same soon.
As one of the largest cryptocurrency exchanges in South Korea, Coinone started operating the center back in 2017. But it was closed as the company chose to focus on other more demanding business activities at the time. However, Coinone reopened the center to handle the massive influx of crypto customers that need crypto-based services.
Coinone is also doubling its staff
The crypto exchange is experiencing an increase in new user registrations by 10 folds, and online services are becoming too congested for users. According to a recent report by Herald, Coinone has almost 2 million users.
It intends to bring registrations and other related services close to the people and reduce the congestions for registration.
Apart from reopening its offline office, the exchange also wants to double its staff to accommodate more customer needs.
Bithumb and others also reopening centers
Bithumb is another South Korean-based exchange that is reopening its offline center. The exchange is the second largest in the country when it comes to market capitalization. Another exchange, Korbit, is also planning to reopen its offline center as well.
The step taken by the exchanges is in response to the bullish crypto space, especially in the South Korean cryptocurrency market. Bitcoin (BTC) has surged to yearly highs, often trading at a renewed “Kimchi premium,”
The enthusiasm in crypto trading has also positively affected domestic stock prices, as companies holding stakes at some crypto exchanges rise significantly in their share price.
The massive influx of new retail and institutional investors within the Korean crypto market has increased the overall user base of crypto brokers and exchanges. This has also led other mainstream firms to consider extending their portfolios to the industry.