South Korean Crypto Exchange APRObit Adopts Bitfinex Joint Order Book System, Launching in March
APRObit, a new South Korean cryptocurrency exchange, will go live in March and it will adopt the joint order book system of Bitfinex, one of the world’s largest cryptocurrency exchange, according to a press release shared to AZCoin News.
Park Jae-Soon, the founder of Tokenman, South Korea’s first IEO exchange, will serve as the Chairman of the new exchange. Park has tremendous experience in cryptocurrency industry. He is a cryptocurrency business strategist and he had served at Bitman, South Korea’s largest cryptocurrency community.
Under the acceleration of Bitwork, a blockchain consultancy led by Andy Cheung, APRObit comprised a strong advisory board, formed a global alliance of blockchain companies, and found the solution to the challenge of order book liquidity, which is a major concern to new-established exchanges.
Chinese billionaire Zhao Dong, who is a Bitfinex shareholder and the founder of Renrenbit, a peer-to-peer lending platform, and also tech entrepreneur Andy Cheung, the ex-COO of OKEx, and now the CEO of Bitwork, a blockchain consultancy, and founder of ACDX, a derivatives cryptocurrency exchange, are both the investors and advisors of APRObit.
APRObit is the first exchange in South Korea to adopt Bitfinex’s joint order book system, which will enable its users to access one of the world’s most liquid marketplaces. According to Park, this will solve the liquidity problem that most new exchanges are facing at the beginning stage of their businesses.
As Upbit has ended its order book partnership with Bittrex, APRObit will be the only cryptocurrency exchange available in South Korea that shares the market depth of an international exchange.
Being fully compliant with FATF (Financial Action Task Force) guidance, APRObit will offer a low base trading fee of 0.05%, which can be discounted up to 100% using its native token, APRO token. Both Fiat-to-crypto and crypto-to-crypto trading will be available on the platform.
APRObit is jointly developed by a global alliance of venture capitals, fit-tech companies, security firms, and various associations, which includes Genesis Block – Asia’s largest crypto ATM and OTC company, Renrenbit – developer of crypto wallets holding over 20,000 BTC assets, and AAIL (Applied Artificial Intelligence Laboratory) – a professional organization of machine learning algorithms and AI architectures. This alliance will help the exchange in global expansion in the future and build a sustainable blockchain ecosystem.
“We will provide Korean traders a new trading experience which is built by an alliance of global companies. APRObit will serve as a bridge between South Korea and global cryptocurrency markets,” said Jae-Soon Park, Chairman of APRObit.
APRObit is a South Korean cryptocurrency exchange that offers both fiat-to-crypto and crypto-to-crypto trading services. It is the first exchange in South Korea to utilize Bitfinex’s joint order book system, which enables its customers to access one of the world’s most liquid markets. The exchange is jointly developed by a global alliance including Genesis Block, Renrenbit, and AAIL, and it will open the door to the global cryptocurrency markets for Korean traders.
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