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Korean Kolon Group’s President Li Xionglie Plans to Create a Competitor for UpBit

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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 coope…

Korean Kolon Group’s President Li Xionglie Plans to Create a Competitor for UpBit

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)

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

Interpretation of the news:


According to sources, Li Xionglie, the honorary president of the Korean Kolon Group, has plans to collaborate with Won An to launch a venture that will create a virtual asset trading platform. Li aims to establish the platform with the cooperation of the Korean government and financial authorities. If the establishment of the platform receives approval, this could lead to a significant change in the domestic virtual asset trading market in South Korea, with the potential for the venture to become a competitor for UpBit.

This news is essential, as the introduction of a new virtual asset trading platform in Korea has the potential to transform the industry. Presently, UpBit dominates the virtual asset trading market in South Korea. It has a market share of almost 90%, according to recent reports. Therefore, Li’s plan to establish a new virtual asset trading platform can pave the way for significant competition in the market, increasing the choice for investors and traders.

Korean Kolon Group is a leading conglomerate, and its decision to enter the domestic virtual asset trading market might create a paradigm shift in the industry. The Korean Kolon Group’s wealth and status offer legitimacy to this new project. Moreover, partnering with Won An adds technological expertise in the development and establishment of the new virtual asset trading platform.

The Korean government’s cooperativeness with this project is essential. The Korean government has been keeping a keen eye on the virtual asset market since the Korean Exchange hacking incident. After the incident, the Korean government swiftly developed new regulations, forcing exchanges to enhance their security operations. Hence, the collaboration between Li and the Korean government will help to build regulatory frameworks better suited to the new platform since it will remain under the supervision and regulation of authorities.

In conclusion, the proposed joint venture between Korean Kolon Group’s Li Xionglie and Won An has the potential to establish a new virtual asset trading platform to rival UpBit, South Korea’s leading virtual asset exchange. It is a welcome development in industry marked by a monopoly, and the collaboration with the Korean government may make it the most favorable option for traders and investors. Additionally, it may result in better and more comprehensive regulatory frameworks for the industry in South Korea.

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