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[Alpha Biz=(Chicago) Reporter Kim Jisun] There is a change in the domestic virtual currency trading market, which was dominated by Upbit. Bithumb, the second-largest exchange, has more than doubled its market share with the implementation of free commission policies.
According to Coingeco, a virtual currency information site on the 20th, Bithumb's market share was 21% in the top five virtual asset exchanges (Upbit, Bithumb, Coinone, Korbit, and Gofax) in Korea at 4 pm on the same day. Bithumb's market share, which was less than 10% until July, has settled in the 20% range since October. Upbit's market share, which has long occupied 80 to 90 percent of domestic virtual currency transactions, has fallen to 76 percent.
The reason for Bithumb's surge in market share is largely due to its free commission policy. Starting with the BTC market trading with Bitcoin in June, Bithumb expanded its fee support to some of the won markets in August. Starting in October, the company has decided not to receive any transaction fees (0.04-0.25%) for all stocks.
The re-listing of Wemix, a representative kimchi coin (issued coin in Korea), is also attracting investors to four sub-exchanges. Wemix, published by game company Wemade, was delisted from all five major domestic exchanges in December last year due to "false disclosure of distribution volume." However, Bithumb started to support the transaction again on the 12th, saying that the problem of violation of distribution volume of Wemix has been resolved. Wemix has been in the top 10 of Bithumb's won market since then.
Korbit also saw a surge in trading volume due to free fees and relisting of Wemix. Korbit, which was ranked fourth in 10,000 years, surpassed the trading volume of Coinone, the third-largest exchange, on the 16th. Since then, it has fallen back to fourth place, but it has been four years since March 2019 that its market share has risen to third place temporarily. 88% (57.1 billion won) of the total trading volume (64.6 billion won) was driven to Wemix.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
