Korea’s Kolon Group will establish a joint venture company with Jeon and cooperate with the authorities to establish a virtual asset trading platform

It is reported that Li Xionglie, the honorary president of the Korean Kolon Group, promoted the establishment of a joint venture company with Won An, and cooperated with the Korean government and financial authorities to establish a new virtual asset trading platform. If the virtual asset trading platform promoted by President Li is approved to be established, the perception of the domestic virtual asset trading market in South Korea may change, and it is expected that it will become a competitor of Upbit. (Korea Economic Daily)

Interpretation of this information:

The news report discusses the potential establishment of a new virtual asset trading platform in South Korea by Li Xionglie, the honorary president of the Korean Kolon Group, in partnership with Won An and the Korean government and financial authorities. If the new platform receives approval, it has the potential to be a direct competitor of Upbit, one of the biggest players in the current virtual asset trading market in South Korea.

Li Xionglie’s involvement in the promotion of this new venture is significant given his reputation and experience in the business world. As the honorary president of the Kolon Group – a South Korean conglomerate focused on various industries, including textiles and trading – Li Xionglie is well-respected in the South Korean business community. Moreover, with his backing, Li Xionglie’s joint venture with Won An appears to have the support of Korean government and financial authorities, which is a positive sign for the future success of the proposed virtual asset trading platform.

The potential establishment of the new virtual asset trading platform could have a significant impact on the domestic virtual asset trading market in South Korea. The entry of a new, well-supported player could change the game and break the monopoly of existing virtual asset trading platforms. It is expected that the new platform could gain significant market share, which could potentially challenge the dominance of Upbit, the current market leader in South Korea. Upbit has been caught up in regulatory issues over the past year, which have led to a decline in its market share. If the new virtual asset platform is approved for establishment, it could provide an opportunity for investors to move away from Upbit and on to a new player in the market.

In summary, the potential establishment of a new virtual asset trading platform in South Korea could provide investors with a new opportunity to trade virtual assets. The joint venture, involving Li Xionglie, Won An, the Korean government, and financial authorities, appears to have strong support and could potentially challenge the dominance of Upbit in the market. The three keywords for this story are: South Korea, virtual asset, Upbit.