Korea’s offline cryptocurrency payments service Coinduck is launching the peer-to-peer escrow service “Behind.”

Coinduck will release the beta version for “Behind” in the Chain Partners Project Showcase to be held as part of the Asia Blockchain & Fintech (ABF), the first blockchain event organized by the Seoul Metropolitan Government, on Oct. 31. Then “Behind” will be launched officially after a two-week testing period.

Coinduck, one of the in-house ventures created by the blockchain company builder Chain Partners, is operating cryptocurrency payments services enabling Ethereum coins to be used in offline stores for the first time in the world. By using Coinduck’s mobile address, Ethereum owners are able to pay for coffer or foods, stay in hotels and use health clubs without currency exchange or remittances. Coinduck has about 900 online and offline affiliates, including Deokpyeong Eco-Service Area. Samsung Electronics’ startup incubating program C-Lab has selected Coinduck as an excellent project in recognition of these achievements.

“Behind” has developed an OTC (over-the-counter) platform through which individuals can safely carry on transactions that otherwise would have been done outside cryptocurrency exchanges. Currently, most blockchain coins - except 15 to 20 high-ranked ones among about 5,000 kinds of coins - are traded via unofficial channels like Kakaotalk and Telegram rather than exchanges. So Coinduck aims to prevent scams and relieve inconveniences in trading by connecting the numerous coins that have been hidden behind the exchanges to its platform transparently.

“Behind” is also designed to address the limitations of existing exchanges arising from investors’ difficulty in buying or selling coins at prices they want. Coinduck has come up with a scheme in which it automatically sorts out and recommends three transactions that meet the conditions if people wanting to sell or buy coins decide on the number and price and post them on the platform,

Before its Oct. 31 release of the beta version, Coinduck is recruiting “Behind” partner-cum-main dealers who can grow together with the platform in the long term. Main dealers will be able to buy and sell coins without transaction fees and receive their share of profits coming from the platform every other week. If a user recommended by a main dealer incurs transaction fees, the main dealer can receive 25 percent of the fees continuously.

“We took note of the nearly 5,000 worthwhile coins failing to be listed on exchanges owing to insufficient marketing efforts,” Chain Partners Entrepreneur-in-Residence Shin Min-seop said, adding that “we will help link dreamers to those who support them and let the 5,000 dreams compete on an equal footing.”
/Sora Kim Reporter srk@decenter.kr

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srk@decenter.kr