Bitsonic is a centralized cryptocurrency exchange based in South Korea. It started its operations in April 2018. The project was launched to provide a trading service for altcoins and with time it has expanded the number of offered altcoins to more than 600. It also supports KRW (Korean Won) fiat pairs.
The company standing behind the project is Skoopmedia that specializes in mobile application development. It has developed such apps as Socar, Delivery Nation, Me2day, Mimi Box, Wingspoon, BDMJ, and Naver Webtoon, which are popular products on the domestic Korean market. The Bitsonic exchange operates as a subsidiary of Skoopmedia.
Bitsonic specializes in altcoins operating as a major cryptocurrency exchange in South Korea. Also, it is linked to global exchanges and plans to move to the international market. At the moment of writing, not so many people outside Korea are familiar with the exchange due to its focus on domestic users. It’s enough to visit the website of the exchange to understand that. All information is provided in Korean and there is no multi-language support.
The platform was developed with an idea to create a one-stop cryptocurrency trading platform that offers a range of services such as a token sale, support of fiat currency and withdrawal, development of dedicated API alleviating trading of digital assets.
The company employs API working with the Binance wallet. It uses a convenient user interface that contributes to fast and easy transactions. Even beginners can easily understand how to handle cryptocurrencies on the platform.
A huge selection of altcoins is one of the key advantages of the service. Integration with the Binance API on Bitcoin and Ethereum markets is also very convenient for the Bitsonic users. It means that investors get access to Binance markets and can trade coins offered by Binance. Bitsonic divides its markets into two types: the main and the secondary ones to apply a 2-way strategy for each asset. Cryptocurrencies are classified by the volume of transactions that should reach a particular threshold to enter the main market. The structure of the second market is adjusted to conditions of sudden growth.
BitSonic became the first crypto exchange that offered half of a net profit to holders of Bitsonic Coin (BSC), which is a native coin of the platform. Using BSC the members of the community are able to stake or unstake the coin. There is also a possibility to choose manually between rewards and liquidity. The revenue sharing system is really unique as the dividends are distributed at the rate of 40% for referrers and 50% for BSC holders as it has already been mentioned above.
The platform plans to go international through cooperation and linkage with another popular cryptocurrency exchange Kucoin. The team constantly tries to improve the technical characteristics of the exchange to make it ready for the international market. For instance, they replaced the engine working as the core of the exchange in August 2019 and increased the performance 30-50 times thus preparing the environment for expected growth. Also, their open API service has been advanced. The developers increased the rate limit and added new API management functions. This is a necessary operation for expansion to global exchange.
BitSonic also developed a mobile app where it’s possible to check prices without having to log in. There are iOS and Android-based versions of the application. Users only have to log in once, after that it’s possible to log with a PIN and biometrics. The team plans to add facial recognition as well.
Bitsonic pays a lot of attention to its security. To prevent security accidents, periodic security checks and pentesting are fulfilled. The platform follows a mandatory KYC policy that presupposes phone, bank card, and bank account verification. Two-factor (2FA) is an additional layer of security used for verification.
On Bitsonic, it’s possible to use a combination of SMS password, text-messaging, and OTP (One-Time Password). Korean users should go through the 7 steps of the verification process. As for global users, they only have 3 steps of the verification process to pass.
The company arranged IEO (Initial Exchange Offering) in January 2019 that consisted of three rounds with the first one starting on January 8th. Those who wanted to participate used Ethereum to acquire BSG (BitSonic Gas) that was the only acceptable currency. Users paying with BSG got huge fee discounts. The platform is even called Korea’s First Transaction Fee Profit Sharing Exchange for that. In accordance with the latest terms (that can be changed at any time), 20% of the transaction fee is re-rewarded, and 70% is re-distributed to the BSC Reward.
BitSonic team and partnerships
The company is headquartered in Seoul, South Korea. According to Crunchbase data, the number of the project’s employees exceeds 100. Shin Jin-Wook, Bitsonic’s CEO, is a crypto enthusiast who participates in diverse crypto-related projects.
As it has already been mentioned above, the exchange actively cooperates with crypto-related companies such as Kucoin and Binance. It has also signed an agreement with OKEx. In July 2019, BitSonic was invited as a Validator of FLETA blockchain, so the exchange has become an operator of Hyper Formulator, a high-performance mining node of FLETA blockchain that plays a pivotal role for its development and stability of the ecosystem.
Having partnered with CoolBit X, the platform had released a limited edition of the BitSonic hardware wallet. CoolBit X is a blockchain security company that is building an infrastructure for the connection of the mainstream market and crypto industry. Through this partnership, BSC was included in the list of coins supported by all CoolWallet S produced by Coolbit X. This is a pioneering Bluetooth-enabled hardware wallet and a flagship product of the company.
In February 2020, BitSonic along with other 10 Asian exchanges signed Memorandums of Understandings (MOUs) and joined a consortium of virtual asset service providers (VASPs) to begin implementing Sygna Bridge, an API-based messaging service that enables VASPs to privately share all required transmittal compliance data.