Hycon Owner To Establish Crypto Exchange in Philippines

Glosfer plan revealed hours before Korean regulators widen probe on crypto exchanges.

by Marin Marinov
14 May • 4 min
In Markets

Korean blockchain company Glosfer, which is behind the HYCON coin, has revealed a plan to develop a cryptocurrency exchange in the Philippines, Glosfer said in a press-release on Thursday, hours before Korean authorities raided the largest local cryptocurrency exchange Upbit.

Glosfer will build the exchange and provide the infrastructure, including security arrangement, while its partner Coinvil will set up a crypto company that will operate the exchange among other virtual currency assets, including crypto investment fund.

“The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia," said Park Rae-hyun, chief executive officer (CEO) of Coinvil. "Many countries across the globe already have a favorable view on the Philippines. By combining our infrastructure and sales capabilities with Glosfer`s solutions and operations expertise, we will gain a competitive edge over others,” Park Rae-hyun added.

Glosfer

Glosfer is behind Hyperconnected coin or HYCON, a cryptocurrency that claims to have faster and more scalable blockchain than Bitcoin (BTC). Hycon raised USD 48 million in an Initial Coin Offering (ICO) in May. Hycon wants to simplify blockchain creation for users without technical background, the project whitepaper reveals.

Glosfer is also the owner of THEBITon and THEBIToff crypto exchanges that were launched earlier this year. THEBIToff was introduced as the first offline virtual currency trading platform.

three men on a stage
Official ceremony of signing a partnership between Glosfer and Coinvil. From left to right, Kim Byungcheol, VP of Glosfer; Park Rae-hyun, CEO of Coinvil; Chang Joonhyuk, Executive of Coinvil/Image source: Glosfer`s press-release.

Kim Tae-won, the chief technological officer (CTO) of Glosfer, was among the leading figures that initiated a petition to the Korean government after the country's financial regulator FSC banned ICOs in September last year because of “unproductive crypto speculations”. Recently, South Korean lawmakers started working on a legislation to partly lift the ban.

“We are not even slightly afraid of what has come from the government,” Kim, who is also a director and former chairman of the Korea Blockchain Industry Promotion Association said. “I can guarantee the final regulation will not look like what the government is proposing.” Glosfer CTO told US magazine Forbes.

Philippines crypto ambitions

While Korean authorities are tightening their grip on the previously largely unregulated sector, the Philippines revealed ambitions to become a crypto hub by creating the so-called first financial technological city in the Cagayan Economic Zone, as part of President Rodrigo Duterte's plan for recovery of the region after years of violent extremism.