Interview with CEO Park Min-ju, KB Coin Exchange “An investment-friendly exchange that protects its investors will be established”

KB Coin is a new exchange that is expected to open. The exchange has already attracted a lot of investment and formed partnership with many teams even before opening. In mid-November, KB Coin plans to relocate its headquarter in Banghwa-dong, Gangseo-gu to Yeouido. CEO Park Min-ju said, “we will continue monitoring many issues and improvements needed in the coin market, reduce problems through holding discussion, and continue implementing policies to protect investors.” I met CEO Park to hear in more detail.

 

Can you give us a brief introduction about KB Coin?

KB Coin is an exchange that aims to protect investors, be with investors, and provide investment-friendly conditions for them.

How do you intend to operate KB Coin?

Currently, a number of exchanges are opening in the domestic coin market; most have mined coins. However, we realized that there was no device to protect investors, and I got an idea to align an exchange with the community.

Many exchange have not directly reviewed a coin because it cannot be listed when reviews are not good. To get the listing fee, many exchanges did not review a coin. However, I think that I should introduce good coins to investors; that’s why I think an exchange should conduct a review, and I am pursuing partnerships with famous bloggers in this sector, both in and out of Korea. At the same time, I am trying to make a user-centered exchange that provides dividends when you have an exchange coin. Again, KB Coin will be different from conventional exchanges and will be a user-centered exchange.

KB Coin is also preparing new ways of ICO in the market and applying voting system to listing exchange. Through this, KB Coin is finding ways to reduce cost burden on users. KB Coin strives to take investors into consideration by using profit of the exchange. In addition, KB Coin has a function to convert extra coins on the exchange to KB coins. 

I believe you have done a lot of research and analysis on the coin market.

I actually tried using many exchanges. I had 20 to 30 IDs on exchanges to make investment. I have an experience of running an investment team for one year, and I participated in 30 to 40 ICOs. That’s how I know strengths and weaknesses that an exchange can have.

That’s why many investors who have little experience in making a coin, using an exchange, or participating in ICO are giving positive response to KB Coin’s concept and policies while the exchange might not be widely known yet.

What do you think about the overall environment of the domestic coin market? Mined coins have become popular recently, but there are many criticisms that “speculative pumping” is too much.

As of now, there is a cycle of mining a coin or purchasing a coin after listing, and then selling the coin to move to another exchange for another mined coin. KB Coin strives to be an exchange that can retain users even if initial trading volume and the number of user might not increase quickly. KB Coin focuses on giving extra bonus when holding, or increasing interest. Unlike dividend policies of existing exchanges, we will support newly listed coins on the exchange and share them with investors. Unlike other exchanges, KB Coin is heading in the direction of long-term sustainability.

KB coin, which is the coin of our exchange, will be completely different from mined coins on other exchanges. Other exchanges require purchasing a coin for their own exchange, and the value of the mined coin will eventually fall; the more the average unit price of mining goes up, the more you lose. It is called “bomb-spinning mining.” In the end, it receives bitcoin and ethereum as a commission, and the value of its own coin inevitably falls. However, KB Coin Exchange does not receive bitcoin and ethereum as a commission fee while consuming KB coins. Therefore, the price of KB coin is not subject to dumping.

KB Coin Exchange has issued more than 100 billion KB coins. In the domestic market, popular coins are characterized with a high volume of issuance and an average unit price of less than 10 or 1 KRW. Did you want to use this trend in the market?

The market trends and our direction are naturally aligned. Last year, it became a big issue when volumes were very high and each coin was 1 to 10 KRW. However, such coins are becoming mainstream in the market and the sentiment for investment is growing. Therefore, we should follow the trend.

We heard you will incinerate 50% of the issued coins. Isn’t it too many?

If you receive a KB coin as a fee, 20% of it will be sent to another wallet that needs to be incinerated, and will be incinerated in a way that does not use cold wallet. It collects 20% of a KB coin that is monthly fee. We will also release cold wallet addresses.

Recently, investors are turning away from exchanges with hacking incidents, and there are many exchanges with less than a billion transactions a day. How has KB Coin prepared for security?

Some of the hacked exchanges do not have basic security measures. Security is a basic system for exchanges, and of course, KB Coin is prepared. Also, before opening, KB Coin will complete its preparation to prevent hacking that might use new ways. There is also an idea to use insurance measures in case.

What are the specific advantages that investors will gain from using KB Coin Exchange compared to other exchanges?

KB Coin Exchange has various functions. Many mined coins become worthless in the end, but KB Coin will continue to incinerate, so if you own a coin, you can use it for getting a discount on fee, participating in listing, ICO or IEO, using in community, etc. It has a lot of uses and has a much more advanced and integrated function than uniform coins of other exchanges.

Can you explain the super node grade system?

The more KB coins you hold, the higher the grade will become. The commission discount rate also increases, and more air drops will be available. These basic benefits also lead to listing rights for coin listing voting. Super nodes are most likely institutions, and they can list up coins that they are marketing or incubating. However, even when such a list is presented, the voting decision is made by the investors. Super nodes also have the right to upload such lists. Of course, there may be occasions when an exchange may decide to do listing, but most of the listings will take place when investors want, and coins that investors want will be listed. When good coins are out, an active listing is expected. 

We will implement policies that are completely different from conventional domestic exchanges, from the purpose to approach. We are seeking ways to protect investors and reduce investment risk. Also, many platforms will be made.

Recently, some exchanges have been criticized by investors for blocking coin deposit and withdrawal other than bitcoin and ethereum wallets, which is known as “cage pumping.” What do you think about this trend?

I think it is not normal. It is ultimately the exchange that benefits from the pumping process. There are too many factors that allow an exchange to do pumping after purchasing a small number of coins. In the end, investors suffer losses. There are too many problems in this. I seek to create an investor-friendly environment where we can monitor the trends. 

Last question: what is your guiding philosophy of KB Coin?

When we say we operate the exchange with devices to protect investors, I believe that investors will be with us. That’s what I say all the time. What I want is to protect our investors, create a sound system, and a healthy ecosystem. When you take a look at Apple, the company does not focus on the performance or design of its cellphones. I think Apple expresses its mindset of innovating and changing the world. KB Coin will acknowledge the value, and I think more people will be with us when they see the purpose and policies, and our brand value will also increase.  

 

 

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