November 22, 2024

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[THE INVESTOR] Coinone, one of Korea’s largest cryptocurrency exchanges, on Nov. 1 said it has opened a new exchange CGEX in Malta.
CGEX only offers crypto-to-crypto trading pairs -- not fiat currencies -- starting with the Bitcoin market. 

“Coinone, as the first-generation exchange in Korea, has accumulated variety of know-hows in business and technology,” said Coinone CEO Cha Myung-hoon. “CGEX, based on Coinone’s principles, will work hard to become a major global trading site that provides distinguished exchange experience for users.”

CGEX will connect with Coinone’s platform in Korea and Indonesia to share the order book. This will give global traders high trading volume and liquidity to enable active transaction of large amount of funds, according to the firm. 

CGEX has also integrated Coinone Core, a next-generation engine solution for trading, co-developed with iFunFactory. The engine can process 3 million transactions per second and boasts security on par with financial institutions. 

Coinone has been actively seeking overseas expansion, along with other major local players that are seeking new growth following the Korean government’s crackdown on crypto trading. Coinone became the first Korean exchange to open an overseas platform when it launched an exchange in Indonesia in August. Another leading exchange Bithumb launched a new decentralized exchange Bithumb DEX last month in Hong Kong, followed by Upbit rolling out a new exchange in Singapore on Oct. 30.

By Ahn Sung-mi (sahn@heraldcorp.com)