Hyunsu: Unlike other exchanges based in Korea, ProBit targets the global market and we have prioritized top-notch performance and user security to compete against the top names. We are strong proponents of the idea that “the devil is in the detail” and have dedicated the extensive effort needed to distinguish ourselves from the rest of the pack who sometimes aren’t as meticulous.
You spent 14 years at the top law firm in Korea, what made you decide to delve into the blockchain industry and build an exchange?
Hyunsu: From my experiences of working as a lawyer in a top law firm in Korea, I learned about the potential that the blockchain technology holds to change our economy and society. I thought it was a huge opportunity and did not want to miss it. Also, crypto-assets are the core of blockchain technology and eco-system. However, there is still a lot to improve in the existing crypto exchanges so I decided to embark on a goal of creating a next-generation crypto exchange capable of providing the crypto world with the most efficient and convenient market place.
What were some of the most interesting experiences as an entrepreneur?
Hyunsu: The people I have met on this journey have made is very exciting. The cryptocurrency industry is driven by major passion and full of energetic young minds just brimming with hope and talent. Working with these people has made this journey very interesting and invigorating indeed.
ProBit issued their native token PROB last Nov before the platform launched but the price seems a bit unstable. Any plans on how to further integrate PROB’s application scenario or optimizing tokenomics?
Hyunsu: The crypto market has changed a lot after we issued PROB initially, not to mention the formation of the PROB eco-system has been different from what we expected, which also affected the price of PROB. Our original plan was to have PROB reflect the value of ProBit Exchange. ProBit Exchange has grown very rapidly, but PROB hasn’t been able to achieve a similar increase in value.
We are now focusing on the PROB token economy so that it can attain the proper value and we’ll provide an announcement soon to keep everyone updated.
The public perception of IEO has been on the decline, but ProBit still completed more than 70 IEOs. What has been the key to hosting so many IEO?
Hyunsu: The most important thing is trust. ProBit has very transparent pricing and packages, unlike other exchanges that practice price discrimination. Some projects are successful with IEO, while others are not. But, we have always delivered on our promises to project teams and this has enabled us to not only develop a solid track record but also gain the trust of the crypto world.
ProBit is a one-stop shop for IEO. Projects get fundraising, listing and local & global marketing all in one exchange. ProBit has never advertised its IEO services as our success is built through word-of-mouth. Projects who have worked with us before strongly recommend us due to our professionalism, trustworthiness, and fairness. Our packages are also very business-friendly to the projects. We understand that projects conduct IEO so that they can raise funds for their businesses, hence we do not demand a market-making fund like other exchanges.
I heard that Korean exchanges do not require the project to maintain a stable price after IEO, does ProBit follow the same standard? Does this stance hurt ProBit users?
Hyunsu: No, our policy is that we should not intervene in the price of tokens. We believe that the price has to be determined in the market and what we have to do is to prevent any attempts to manipulate it. Of course, if the price drops below the IEO price after the listing, users who participated in the IEO will be affected negatively.
However, if we require the project team to maintain the price for a certain period after the listing, the price can deviate from the token’s true value during such a duration. After such intervention ends, the market will move the distorted price back to the true market value, in which case other users can also be affected. That’s why we believe minimum intervention is the most reasonable and fair approach.
A few projects saw extraordinary success such as BOLTT which raised $800,000. Is this an anomaly and what kind of projects are more popular with Korean investors?
Hyunsu: Some projects have had major success during their IEO on ProBit. It is definitely not an anomaly but is not an everyday occurrence either. It is difficult to tell which projects will be popular with Korean investors as the market trends have been changing continuously.
One thing for sure is that projects have to be able to deliver visibility to users and investors. Compared to the traditional finance market, fundraising in the crypto market takes place at earlier stages, which often leads to low project visibility and difficulty obtaining investors. Regardless of the progress stage of the project, the project team needs to show that they are able to achieve their roadmap goals.
What is ProBit's plan for expansion?
Hyunsu: We have several plans. Before branching out to global markets, we have to establish ourselves in the home market, which we have done reasonably well. Ask the man on the street, and he would say that ProBit has been conducting itself fairly.
ProBit is different because first of all, we’ve built the exchange ourselves from scratch. We did not use a white label solution, hence there is less white label solution risk. ProBit is also much more proactive in product features since we do not rely on a white label solution provider.
Lastly, ProBit provides a multitude of ways to earn cryptocurrency. As an established IEO platform, we regularly launch promising IEOs giving investors plenty of opportunities to earn quick returns on their investments. We also have programs such as Referral, Trade Mining, trading competitions, and airdrops that will surely be attractive to all ProBIt users.