Korean Cryptocurrency Exchange Coinbit Launches CLS Service

Coinbit, a South Korean cryptocurrency exchange, announced that it will launch its Crypto Linked Service for the first time in Korea.

Coinbit’s Crypto Linked Service is a technically principal-guaranteed product that allows its users to purchase Bitcoin at its current price only at a transaction fee of 2%.

When Bitcoin’s price goes up or down by 10% from the time it is purchased, or at the end of the event on April 18, the event will reward the users with their profits, with commission fees as the exception, but all losses will be covered by the exchange.

An official from Coinbit said: “In an effort to provide financial help to the people who are in a difficult economic situation due to COVID-19, more retail investors are interested in the recent soaring price of Bitcoin but are reluctant to enter the market, as volatility has increased.”

Coinbit has received much attention from many retail investors for its community board airdrop event, which has been held several times in the past.

It was an unprecedented event for cryptocurrency traders at the time, drawing attention from many retail investors. This resulted in Coinbit ranking high in major Korean web portals, Naver’s real-time search keyword rank, and nearly 300,000 on-site user traffic recorded, creating a huge sensation in the Korean cryptocurrency industry.