DEX Who? Know More About the Korean Crypto That Shocked the Community with Increasing Price
In the span of just one month, cryptocurrencies and digital tokens have both dropped in prices. Even at one point, the majority of those on the entire crypto market—including the biggest coins like Bitcoin (BTC) and Ethereum (ETH)—crashed.
DEX, however, was not one of them. The Ethereum-based digital token not only survived but also posted a significant monthly gain.
As shown on several crypto data tracking websites, the price of DEX—currently at US$0.317548—rose by about 20 percent since its public release around a month before December 3. Meanwhile, today’s DEX prices were 353 percent higher than the token’s earliest value recorded on CoinMarketCap.
Moreover, DEX entered the top 100 cryptos with US$60.799 million in market capitalization.
Given that the token was not around for a long time, many among the online crypto community have asked just what DEX is.
DEX is the digital token native to the South Korean crypto exchange platform Coinbit. The trading site developed this coin “to overcome the problems of existing mining exchange tokens and to raise the sustainability and return profits to its users.”
Based in the South Korean capital of Seoul, Coinbit was launched on earlier May. The Hangul-only exchange currently offers at least 20 cryptos on its website, including DEX, Bitcoin Cash (BCH), Bitcoin SV (BSV), and Litecoin (LTC).
Earned through either mining or trading, DEX is used by Coinbit to reward its customers. According to the whitepaper, clients would receive an amount of DEX corresponding to the total of their transactions. In addition, DEX holders would receive 70 percent of Coinbit’s daily commission.
As of the moment, DEX is available for trade only on a small number of crypto exchanges—DigiFinex and Allbit.
However, trading DEX—or any crypto available—on Coinbit would require its local customers’ South Korean identification and mobile number. Meanwhile, prospective foreign-based clients need to submit travel documents in order to trade DEX for other cryptos, and vice versa.