South Korea’s Coinplug Launches New Exchange and Begins Trading Bitcoin Cash

Leading South Korean bitcoin brokerage and service provider Coinplug recently launched a trading platform. Bitcoin cash, bitcoin, ether and litecoin are among the tradeable assets listed on the new exchange. Prior to this launch, bitcoin cash was neither credited to existing customers nor supported on any of Coinplug’s platforms.

Coinplug’s New Trading Platform

Coinplug announced on Friday the launch of a new trading platform called Coinplug Digital Asset Exchange (CPDAX), stating that:

We now offer bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC) and litecoin (LTC) as tradable assets and more cryptocurrencies will be added in the near future.

Founded in June 2013, the South Korean company provides an array of bitcoin services. A brokerage, a wallet, a bitcoin gift card, a 2-way ATM and a merchant payment processor are among the services the company offers. Its bitcoin gift card called Okbitcard can be purchased at 7-11 and Ministop convenient stores as well as Nautilus Hyosung Bank ATMs. Overall, there are over 10,000 locations across Korea selling these cards.

The company’s investors include SBI Asset Management and Tim Draper. Coinplug has also partnered with one of the country’s largest banks, KB Kookmin, on various blockchain projects such as remittances and a personal identification system.

Trading Bitcoin Cash

Coinplug first announced its support for bitcoin cash on August 10 but did not state when trading would start or when customers would be credited with their new cryptocurrency. The company only assured customers that they would be credited with bitcoin cash in a 1:1 ratio to their bitcoin holdings at the time of the Bitcoin’s network split on August 1. With Friday’s announcement, the company noted that by creating an account on CPDAX:

You will be given a bitcoin cash balance equal to your bitcoin balance as of August 1st 2017. Please note our current exchange does not support bitcoin cash.

All digital assets on CPDAX are traded against the Korean won (KRW). Due to security and legal issues, existing customers are not automatically transferred to the new platform, Coinplug detailed. They need to create new accounts and transfer their assets and funds from their existing Coinplug accounts manually.

For the exchange’s grand opening, Coinplug is paying back all trading fees from September 1 to September 27.