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Aprobit joins with Bitfinex

Since 2017, the cryptocurrency market has been in a long period of stagnation. The market has lost its energy, and the environment today is unfavorable for cryptocurrency exchange operators. Yet Aprobit, a new exchange operator, is in the market. It is working with Bitfinex, which is the world’s fifth largest bitcoin exchange by volume. Bitfinex’s sister company is Tether, which issues USDT, a stablecoin fully backed by the dollar. Aprobit is planning to open a cryptocurrency exchange in March, emphasizing the sharing of its order book with Bitfinex. The founder of the new cryptocurrency exchange is Park Jae-soon, who runs Bitman, Korea’s largest cryptocurrency community. Park met with Join D on Feb. 20. Following are excerpts from the interview with Park. Q. How did you start in the cyrptocurrency industry? "In 2010, I founded AIC Innovation, a computer manufacturing and distributing company. Our company’s revenue rapidly grew after signing a partnership with Microsoft. Graphic cards played an important part in our business. At the time, cryptocurrency mining started to surface as a major theme. We then started supplying graphic cards to first generation bitcoin mining companies. Our expansion into the mining industry happened naturally. Managing Bitman was part of our business." Q. You said you are sharing your order book with Bitfinex. Can you tell us how this cooperation came about? "One of our major partners is Bitwork, a blockchain accelerating company in Hong Kong. Bitwork suggested a partnership with Bitfinex, and Bitfinex agreed. We signed an agreement to share our exchange order book with Bitfinex in September 2019." Q. Bitfinex is undoubtedly a major global exchange. But it is also facing controversy regarding Tether. Is there any risk? "Tether risk is Bitfinex’s problem, which has nothing to do with Aprobit." Q. You are a new exchange. What is your strategy to differentiate with competitors? "The biggest difference is sharing the order book with Bitfinex. This could solve the fundamental problem of a newly starting exchange that lacks liquidity. We have abundant liquidity, whether it is USDT, bitcoin or ethereum, compared with existing exchanges. Secondly, we are a “union-type” exchange that is based on the global Aprobit alliance. Through our partners in every field, we can preemptively prevent or counter any and every issue that may arise. Thirdly, we have a strong security system. On Feb. 20 we signed a strategic alliance with Bitgo, a U.S. digital asset security company. We also plan to acquire ISO 27001 and ISMS. We have also established the industry’s largest security control center, which runs a 24-hour-a-day monitoring system." Q. What is a “union-type” exchange? "It is a new concept. The biggest strength of the union-type exchange is the enhancement of the network. If we went alone, we wouldn’t be able to select and bring good projects from Hong Kong. We wouldn’t have gained liquidity from Bitfinex. We are currently working on forming a union with other companies." ※Following are companies that are within Aprobit’s global alliance. ① Bitfinex: A global exchange with large liquidity in major digital assets, including USDTㆍBTCㆍETH ② Genesis Block: Asia’s largest digital asset ATM supplier and OTC company ③ Dfund: Venture capital company specializing in China’s blockchain and digital assets ④ Bitwork: Hong Kong-based global blockchain accelerator ⑤ RenRenbit: Multi token cloud wallet service developer

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