Korea's Coinone Launches Physical Cryptocurrency Exchange

Korea’s third largest bitcoin exchange Coinone has opened a physical cryptocurrency exchange. Six cryptocurrencies are supported including bitcoin, bitcoin cash, and ether. The complex has a bitcoin ATM, a large display board with market information and features a face-to-face consultation service.

Also read: South Korea Takes Steps To Regulate Digital Currencies

Coinone Blocks Launched

South Korean bitcoin exchange Coinone announced on Monday the launch of Coinone Blocks, which the company described as “the world’s first blockchain 4D zone.” The new brick-and-mortar branch enables offline cryptocurrency exchanges as well as offer other services including face-to-face consulting on cryptocurrency trading, Korea Joongang Daily detailed.

In addition to all the services customers can expect from the exchange’s online platform and the in-person consultation service, customers can also purchase USB hardware wallets there.

The complex has a bitcoin ATM as well as a large display board with market information on six digital currencies that can be traded on the exchange. Currently, supported cryptocurrencies are BTC, BCH, ETH, ETC, XRP, and QTUM.

Coinone Blocks is located in Yeouido, Yeongdeungpo District in southwest Seoul. Its operating hours are Monday through Friday from 10 am to 6 pm.

The Need for a Physical Exchange

Coinone is the third largest bitcoin exchange in Korea, according to Coinhills. Its daily trading volume is comparable to that of the second largest exchange, Korbit. Bithumb remains the largest bitcoin exchange with approximately 76% of the domestic market share. In addition to operating a cryptocurrency platform, Coinone operates Cross, a blockchain-based remittance service.

“Consumers in Korea are recently calling for a more secure means to exchange cryptocurrencies,” Korea Joongang Daily noted. “Coinone Blocks is intended to fulfill the needs of consumers who want to receive tangible services,” a Coinone spokesperson explained.

Coinone Blocks consultants can help customers with issues regarding digital currency transactions. They can also discuss related technologies and policies as well as the future of blockchain-based finance. The complex has a lounge and meeting rooms where blockchain-related meetings can take place, Zdnet described.

“We will lead the market with customer-oriented service through the opening of Coinone Blocks,” CEO Cha Myung-hun was quoted saying, adding that:

The purpose of Coinone Blocks is to create a healthy and transparent ecosystem for digital currencies.

Last month, Bithumb launched a walk-in customer service center with a consultation service, but it does not offer the full range of exchange services Coinone Blocks offers.

What do you think of Coinone’s physical exchange? Let us know in the comments section below.

Images courtesy of Shutterstock, Coinone, Newsis and Zdnet Need to calculate your bitcoin holdings? Check our tools section.