South Korea’s virtual currency exchange Yapizon announced in late July 2017 that it started to trade Bitcoin Cash (BCH) tokens. The move is viewed as part of the company’s strategy to boost its profile in the market.
Growing popularity of Bitcoin Cash in Korea
South Korean digital currency exchanges are increasingly attracted to the Bitcoin Cash token. Aside from Yapizon, the exchanges which announced their adoption of the cryptocurrency in the near future are Bithumb and Coinone. These developments are expected to boost the trading volume of Bitcoin Cash during the first few days of trading.
Some customers are expected to sell their Bitcoin Cash as quickly as possible in the first few days of trading. Others will also try to purchase more tokens based on their inclination. These anticipated scenarios will create an interesting situation in the cryptocurrency market.
Previous Yapizon issues
Yapizon’s reputation as a digital currency trader is somewhat hounded with some controversies that could adversely affect its efforts to become a major trading platform. In April 2017, the company has experienced a major hack, in which a total of 3,816 Bitcoins was stolen.
The exchange has issued IOU tokens to affected customers. The tokens represented the cryptocurrency amount owned by the exchange to the users that will be paid back in the future. It is still unclear, however, if the users were already reimbursed or not.
This incident makes the exchange as an unlikely platform that investors want to store their funds for a long period of time. Supporters or users of Bitcoin Cash, however, still welcome the addition of another exchange to trade the digital currency.
Meanwhile, the value of Bitcoin Cash is experiencing a gradual but continuous slide, a situation that could somewhat dampen the spirit of the supporters of the cryptocurrency. It is indeed fascinating to monitor how these developments will turn out in the near future.