BananaEx wants to be the Korean version of Robinhood

On BananaEx, users can trade cryptocurrencies without fee. Many are expecting that BananaEx will be the pioneer of block

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고다솔 기자
기사입력 2020-08-07 [15:55]


Unlike the expectation for blockchain, which is seen as the advanced technology, that can lead the 4th Industrial revolution, its mass adoption seems slow. But, Bananatok, the fast follower in the blockchain market, announced that it will be the 'Leading Innovator', aggressively expanding its business, drawing the ecosystem's attention. 


Bananatok, the next generation messenger based on blockchain, has rapidly grown since its launching last year, achieving its goal to be the blockchain community version of Wechat. Many of Bananatok's businesses, suggested on its roadmap, have not been able to be prompt. But, in September, 2020, it will start to unveil development results for its new ambitious services.


Many in the blockchain industry praised Bananatok, becoming the top-tier player in the industry by merging with Biyong, the biggest blockchain SNS in the Chinese speaking countries. Biyong and Bananatok have evolved as ‘Biyong Banana Group’.


Since then, Bananatok has secured the largest users, and is now planning to launch BananaEx, a social exchange that users can trade digital assets, in an effort to hold its position as the pioneer of the blockchain industry. 


BananaEx, which is to be launched on September 9th, plans to offer a game-changing UI/UX environment and trading services without fees, securing 2 million users in South Korean market, being the top 20 cryptocurrency exchange in the world.


Officials of BananaEx boasted its main advantages: It's the world's first social exchange; Users can trade digital currencies without trading fees; Users, not officials of BananaEx, will decide listing.


First, BananaEx is the world's first social exchange. Bananatok now shows the price of digital currencies on chatting room, letting users directly trade coins there. By clicking 'Exchange button' on the top of the chatting room, users can enter BananaEx page, trading crypto currencies - what Bananatok wants to make its own signature service.


Second, BananaEx users don't need to pay trading fees. Most exchanges generate profit by trading fees. Bananatok, however, pursuse to develop its blockchain ecosystem by using mass adoption. Its main strategy is establishing a great blockchain platform, launching new services to make profit.


Third, listing will be decided by Bananion Vote, a system that make Bananatok users participate in vote, not officials of Bananatok, to highlight transparency. With Bananion Vote, Bananatok will remove illicit behaviors between crypto exchanges, building a democratic system in respect of the listing of BananaEx. On chatting room, a thumbnail for voting can be shared, allowing all users to easily cast a vote, gaining information about projects. Such efforts can create a new kind of listing process.


"First, I expect Chinese users will focus on the UDST/BTC market, while Korean users will focus on the KRW market. But, to maximize foreign users into the KRW market, I've separately promoted each market to users. And, Korean users can purchase both KRW and other unlisted coins in the USDT/BTC market. Bananatok, which is in search of an opportunity to expand its business to the global market, will make users easily move to both Korean market and foreign markets. The USDT/BTC market will be jointly operated with XT exchange, and the KRW market also can enter new markets in XT. With such strategies, Bananatok will maximize the synergy between each market," said Lee Sang-kyoo, the official of Bananatok in charge of BananaEx listing.


XT, headquartered in Hong Kong, is the renowned crypto exchange with its reputation for the best security in the Chinese speaking countries and the world's top 20 exchanges in respect of trading volume.


"Though it has been less than a year since Bananatok was launched in Korea, the number of users is about to reach 100,000. And, it has recently saw exponential growth. Later, the launch of BananaEx will lead more blockchain users in South Korea to enter the Bananatok's ecosystem," he added.


"After the outbreak of Covid-19, a high liquidity prompted China to witness the rise of ants, mostly those born in the 1990s. Since then, stocks trade volumes have started to surge. In America, the New York Stock Market is shaken due to the users of Robinhood, the crypto exchange that provides trading service for free. As for South Korea, cash from retail traders, who bought domestic stocks with the spread of the pandemic, is maintaining the stock market. Digital currency exchanges have recently saw the rise of trade volume, and Bitcoin and some other major altcoins are now showing bullish signs," said Jo Woo-chang, the head of Bananatok. "An intuitive environment and conditions are unique merits of BananaEx. When it is launched in Korean market, it can be the leading exchange in the market, though BananaEx belatedly entered the market. Furthermore, Korea will be the home to Bananions. I also expect BananaEx will be the world's major crypto exchange, thanks to 10 million Bananions," he emphasized.


After the merge between Biyong and ZooHoldings Group(a F&B service corporate operated by Korean), now ‘Biyong Banana Group’ secures 10 million blockchain users, the largest user number in the world’s blockchain based SNS, and Bananatok has started to aggressively promote its services, unprecedented in the blockchain community. On the first half of this year, Bananatok has supported the production of some Korean dramas, such as 'Crash Landing on You', 'Memorist' and 'Team Bulldog: Off-Duty Investigation'. On the second half, it will participate in the production of other dramas. It has recently produced advertisements with Cho Han-sun, an actor, and Chae-yeon, a singer. Those advertisements will be published on TV together with the launching of BananaEx.


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