This is the first article of a series of analyses of the cryptocurrency market, country by country.

As South Korea accounted for more than 22% of the traffic on the LGO ICO platform last February 1st, 2018 it seemed legitimate to start with a study of how South Koreans view cryptocurrencies, blockchain and most importantly LGO Markets!

Background

South Korea is one of the most active country in cryptocurrency trading. It is home to major exchanges, like Korbit, BitHumb, Koinone or Upbit. Those 4 exchanges account for 1.5bn USD volume of cryptocurrency trading per day, or close to 10% of the total trading volume over the whole cryptocurrency market.

Recently, in response to this “crypto-frenzy”, the South Korean regulator announced some major measures aiming at limiting and restraining the cryptocurrency industry, causing a major blow to Bitcoin price. Worst anticipations announced a complete ban of cryptocurrency trading in South Korea, and the closure of all the major exchanges in order to protect retail investors from the volatility in cryptocurrency prices.

However, in what was a very positive move, on February 20th, 2018, Choe Heung-sik, chief of South Korea’s Finance Supervisory Service (FSS), told reporters he hoped to see South Korea normalize crypto-related businesses in a self-regulatory environment:

“The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should rather work more on normalization than increasing regulation”

The survey

Thanks to our korean community managers David, Michael & Yoon, we sent a quick survey to LGO’s South Korean community members to better understand what was their typical profile and what they thought of all things crypto, including LGO’s project.

Typical Investor

The typical investor is a 20 to 39 years old male. Numbers were extremely strong:

More than 96% (!) of crypto investors were male

The age repartition was the following:

Cryptocurrency exchange

When asked “which cryptocurrency exchange are you using?” the clear winner was BitHumb, a Fiat-to-Crypto exchange, currently the 5th exchange in terms of daily volume traded (more than 1bn USD per day).

Interesting to note that more than 44% of the survey respondents stated that they were using an international exchange in addition to a Korean Exchange.

LGO

All the respondents reacted very positively to LLGO’s pledge of transparency and professionalism. There was a strong urge for LGO to launch its activities in South Korea and support the Korean Won. Launching Fiat to crypto facilities in as many countries as possible is one of our major concern, and we’ll aim to launch all around the world — including South Korea — as soon as possible.

Finally, a huge majority of the community asked us to keep up the fight on advertising our values and on promoting the LGO token: we heard your message loud and clear and will make sure all the crypto world hears about LGO!

South Korean Roadshow

In order to kickstart our international roadshow, we naturally decided that South Korea would be our first stop. Our CEO & CMO as well as our Korean community managers will be there from March 5th to March 9th! We will attend the d10e forum on March 5th & 6th and will host a community meetup on March 8th. More details coming soon!

About LGO

LGO is a demonstrably fair and premium exchange for institutional investors. It incorporates a decentralized ledger within its proprietary centralized platform in order to guarantee the inalterability, temporality and transparency of the order book and ensure a fair trading environment.

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