Samsung Securities, a company engaged in asset management, stock issuance and other financial services, has announced that it will set up its crypto exchange in 2023. The company is expected to start in Korea and later plans to expand to other markets.
Samsung Securities, a company engaged in asset management, stock issuance and other financial services, has announced that it will set up its crypto exchange in 2023. The company is expected to start in Korea and later plans to expand to other markets.
The division mentioned above of the company is part of Samsung's large-scale structure, which is part of the so-called chaebols (giant Korean conglomerates). It operates in a wide range of sectors of the global economy - from producing weapons and smartphones to selling clothing or even providing financial services.
The "Securities" division already has experience in implementing crypto-related investment technologies and products. It established the first blockchain ETF (exchange-traded fund) in Asia in June, listed on the Hong Kong Stock Exchange. It gives investors exposure to companies developing and investing in crypto technology.
The company is in talks with regulators and authorities to obtain the necessary approvals and licenses to establish the foundation of the exchange. Mirae Asset Securities and five other domestic companies are also planning to launch their investment platforms, but they do not have as much experience as the rival Samsung.
Earlier this month, the Securities division was one of three financial institutions in South Korea to partner with the country's largest exchange, Bithumb. The partnership meant Samsung Securities customers could indirectly invest in cryptocurrencies through the company's app.
Despite its inflexibility, chaebol has an established market position with enormous outreach and influence. For this reason, acquiring more clients on attractive terms may be easy for the firm, and it could be a significant competitor to Coinbase, Binance FTX or KuCoin.
South Korea seems to be aspiring to become a technology leader in the market. In early August, a "Korea Blockchain Week" event was held in Seoul, bringing together industry leaders, crypto regulation projects revealed are relatively lenient compared to those proposed by authorities in the US, and local companies are interested in further investments in blockchain technology in the DeFi and system infrastructure segments, among others. These plans could make South Korea a hub for the development of crypto technology and companies.
Market losses after recent days of sideways movement
On the Conotoxia MT5 platform, bitcoin and ethereum are losing 1% and 3%, respectively, today at 11 GMT+3. The leading tokens have been outside the previously drawn price channel for a week. The local possible support levels for BTC and ETH are $20700 and $1530, respectively. Their crossing could mean further declines. The continuation of the correction may be indicated by technical indicators such as the MACD, whose histogram for ETH has been falling steadily for a week and a half and now is near zero. In contrast, BTC reached the negative area a few days ago and seems to be falling lower and lower each consecutive day.
The EOS token seems to be losing the most heavily on the trading platform, recording a daily decline of 6.5% at 11:00 GMT+3. EOS is the native token of the EOSIO network, where the project provides blockchain developers with a set of essential tools and services for building and scaling decentralized applications (dApps).
Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service)
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade this news from Conotoxia Ltd. platforms
Go to your account
