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Cryptocurrency exchange Coinone has joined Korbit in eliminating trading fees, as smaller exchanges backed by major financial players step up efforts to win customers despite a slump in crypto trading volumes.
Coinone eliminated trading fees for all crypto trading starting at 11 a.m. Wednesday. The exchange offers a 30-day zero-fee voucher that users can renew an unlimited number of times.
Digital X, the operator of Korbit, made a similarly aggressive move on Monday when it announced that it would waive trading fees on all cryptocurrencies in its won market for a full year through Aug. 24 next year. No separate application is required.
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Coinone accounted for 2.39 percent of trading volume on Korea’s won-based exchanges on average this month, while Korbit held a 0.52 percent share, according to cryptocurrency data provider CoinGecko. Upbit and Bithumb, by comparison, accounted for 68.11 percent and 28.95 percent respectively — a combined share of about 97 percent. Korbit and Coinone, smaller rivals seeking to challenge that dominance, have chosen to sacrifice trading fees, a core source of revenue, for a shot at greater market share.
Behind the aggressive moves lies a broader shift in the two exchanges’ shareholder structures.
Mirae Asset Consulting gained management control of Korbit after it acquired more than a 97 percent stake in the trading platform last month. It has also committed to injecting an additional 50 billion won ($36 million) into the exchange.
Park Hyeon-joo, chairman and global strategy officer of Mirae Asset Group, met with Digital X employees Wednesday to personally lay out his vision for the company’s digital asset business.
Korea Investment & Securities acquired a 20 percent stake in Coinone in May and entered into a strategic partnership with the exchange. Since July, Coinone users have also been able to open Korea Investment & Securities domestic stock accounts and trade Korean shares through the Coinone app.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
Source: www.koreajoongangdaily.com