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Coinone Outruns Rivals by Expanding Oversees

Tim Alper
Last updated: | 1 min read

South Korean cryptocurrency exchange platform Coinone has stolen a march on its domestic rivals, such as Korbit, Upbit and Bithumb, with the announcement that it will begin trading in Indonesia’s capital, Jakarta.

Source: iStock/MajaPhoto

The move represents the first time a South Korean exchange platform has opened a branch overseas.

The platform, named Coinone Indonesia, will open on May 24. The company says it has already begun a pre-registration event, and claimed its move represents “a stepping stone for further global market expansion.” Coinone Indonesia says it will initially trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Quantum and Ethereum Classic cryptocurrencies, but will look to expand its token offerings, adding more cryptocurrencies as soon as possible.

Coinone says it has “actively cooperated” with the country’s banks and financial industries – as well as Indonesian financial regulators. The company also says the move will help Indonesia’s cryptocurrency and blockchain industries to develop, and will help “promote healthy growth” in the country.

Indonesia’s central bank has been vocal in its warnings against investment in cryptocurrencies, and Indonesian law prohibits the use of Bitcoin and altcoins as forms of payment. However, exchange platforms and individual investment activities are legal, and a number of the country’s leading banks are currently working on blockchain pilots.