Derivatives-focused Bitcoin trading platform Coinarch has decided to enter to the Chinese market. The company, the brainchild of Mark Hergott and Justin Tang came to existence in late 2013, when ex-Macquarie Bank employee turned entrepreneur Mark got together with Justin, a computer programmer at tech powerhouse Tigerspike, decided to form it.
Now, with the launch of dedicated local branding and support staff, Coinarch is trying to push its presence in Chinese market. The company says that it will set its foot in China with the address Coinarch.cn. To begin its operations in China, it is first registering a local subsidiary and aims to be perceived as a local company.
Once Coinarch is set in Chinese market, it could give tough competition to the local Bitcoin companies like Huobi, OKCoin and BTC China. The company plans to maintain a presence on popular Chinese social networks like Weibo, WeChat and QQ. The official website of the company shows that Asia has always been in the radar.
It says, “The future path for Coinarch had become clear: with Mark’s background in Asian equity markets and Justin’s Chinese roots, the only business model that made sense was one built on the traditional investment products businesses of Asia.” Thus, it looks the latest decision to step in to Chinese market is towards fulfilling the same plan.
Nonetheless, the new drive is one of the most substantial moves yet into the Chinese cryptocurrency trading market by an overseas company. For the company it does not seem to be outlandish as its co-founders are Australian nationals, while the company is registered in Singapore.
Comprehensive Security for Customers
Coinarch promises for providing comprehensive security for customers wherein it says that it takes the integrity seriously. The company says that its goal is to ensure customers can at all times transact with it securely and anonymously and for that it insists on all members implementing two-factor authentication backed by Google Authenticator technology.
This according to the company means it can verify users are logging into their account based on their email, password and a six digit access code updated two times every minute in their Google Authenticator app. The company also has ‘Encrypted Communication’ wherein it uses HTTPS security to encrypt all communication between members and servers.
Regarding ‘Encrypted Communication’ the company informs, “We also include Perfect Forward Security (PFS) in all of our communication to ensure that a short term session key cannot be derived from a long term asymmetric secret key, an additional security measure not widely adopted in the Bitcoin industry.”
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org