Hello, Satoshi clubbers and guests of this site. Today we will talk about the Bitsonic project.
Bitsonic is a Crypto-Exchange based in South Korea. Bitsonic launched in early 2018 and was the first Korean VASP offered IEO and profit-sharing with Bitsonic Coin holders.
The AMA took place on February 3 and our guests were Jun?—?lead of strategic partnership and mainly responsible for global partnership and Simon Yoon?—?in charge of Strategy & Planning at Bitsonic Exchange.
The total reward pool was 700$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Bitsonic! Welcome to Satoshi Club
Gold Rocket | Satoshi Club:
Hello, dear Satoshi Clubbers!
We are pleased to announce our AMA with Bitsonic!
Gold Rocket | Satoshi Club:
Today our guests are @BTSN_StrategicPartnership_JL and @simon_yn!
Simon Yoon:
Hello Satoshi Clubbers! Glad to meet u guys here today:D
Jun Lee:
Hi Satoshi Clubbers! Great to connect! I am Jun from Bitsonic! honor to be here today
Mary | Satoshi Club:
Hello, Simon, welcome here
Gold Rocket | Satoshi Club:
Welcome to Satoshi Club
Mary | Satoshi Club:
Happy to see you here
Gold Rocket | Satoshi Club:
Thanks for joining
Jun Lee:
Thank you
Mary | Satoshi Club:
Let’s start our party
Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Bitsonic?
Jun Lee:
I am ready
Jun Lee:
No worries! Bitsonic first!
Jun Lee:
Bitsonic is a Crypto-Exchange based in South Korea.
Bitsonic launched in early 2018 and was the first Korean VASP to offer IEO and profit-sharing with Bitsonic Coin holders.
Bitsonic is operated by the IT company, Skoopmedia opened in March 2011 and its extensive development experiences with big companies such as Samsung SDS, SM Entertainment, POSCO, NAVER, and whatnot are the key underpinnings of the new challenges to the new business, Crypto
BSC is Bitsonic Coin launched in the same year of Bitsonic exchange launching?—?2018, Aug, and its holders can enjoy the utilities of BSC on Bitsonic such as trading fee discount, Staking, limited item purchase, IEO, and whatnot.
Bitsonic recently introduced BSC burning scheme to tighten its supply before we deploy some of the De-fi programs because I believe providing an attractive rate of return is the key to success in De-fi market.
Jun Lee:
The intro is prepared to avoid hassle
Jun Lee:
Myself.
I am Jun from Bitsonic and was appointed as a leader of strategic partnership and mainly responsible for global partnership as well as global business development in late-2019.
Previously managed PYC 2018 winter Olympic games as payment infrastructure lead at Visa inc and also worked in one of the top 3 international banks right before that.
Since we have a trustworthy operation team, my team, strategic partnership, focuses more on adding values and utilities on Bitsonic Coin.
Any questions regarding our new product? Just ping me on TG.
Jun Lee:
Typo
Simon Yoon:
And~! I’m Simon Yoon, and I am in charge of Strategy & Planning at Bitsonic Exchange.
I have been working in the blockchain industry for 3 years now, and I am focusing on research on the Defi ecosystem
Gold Rocket | Satoshi Club:
Thank you very much guys you were lightning fast!
Jun Lee:
As mentioned, just to avoid hassle
Gold Rocket | Satoshi Club:
Do you want to add something or can we proceed to questions of the community?
Jun Lee:
We are happy to move on for the questions
Mary | Satoshi Club:
Bitsonic is working for a long time! That’s great, a lot of progress and experience
simon Yoon:
I look forward to your guy’s questions!
Jun Lee:
Correct:) but more to come
Mary | Satoshi Club:
Sure
Q1 from Telegram User @Arisabela
Since the release of your native token $BSC, it is already possible to swap with coins/tokens based on other blockchain projects. Currently, what are the choices to swap on other blockchains? Is this project purpose to allow through its services interoperability cross-chain?
Jun Lee:
Yep, we launched cross-chain bridge to allow swaps between BSC and hBSC.
Mary | Satoshi Club:
And more coins?
Jun Lee:
This is to support Huobi Eco Chain as a partner and we are planning to support a majority of HECO (Huobi Eco Chain) tokens on our bridges. so the answer would be 1. BSC?—?hBSC (right now) 2. in the near future, the majority of HECO tokens.
Jun Lee:
It is also interoperable so users are free to cross the bridge if they find the right products to play with.
Mary | Satoshi Club:
I see HECO is developing fast, a lot of new projects there
simon Yoon:
We are working hard to expand the ecosystem with more major blockchains, so you guys can expect it.
Jun Lee:
Correct
Lots of pre-arranged dev schedules coming up lol.
Gold Rocket | Satoshi Club:
look forward to
Mary | Satoshi Club:
Do you have any guides explaining how to swap?
Jun Lee:
Yep. Swap guide is available on the bridge https://landing.bscbridge.io/
Jun Lee:
right on the bottom, you guys can see the guide.
Gold Rocket | Satoshi Club:
Thanks for sharing
simon Yoon:
And medium post here:D
https://medium.com/bitsonic-global-channel/how-to-use-bsc-bridge-1186fdeb6607
Jun Lee:
Once swap and stakings are open those guides will be shared too.
Jun Lee:
Thanks, Simon.
Mary | Satoshi Club:
Great! It’s interesting to try this! At least to have experience! But it can capture
Jun Lee:
Let me add some highlights on that.
- Reasonable swap fee. (not pro-rata)
- Willfully support HECO token.
- Swap and Stake scheme. One simple transaction for staking (when users want to stake heco coin from ERC swap and stake can happen simultaneously) users will save fees and time.
- Backed by Centralized Exchanges so those listed on Bitsonic are always welcome to get onboarded on HECO for swap.
Gold Rocket | Satoshi Club:
Thanks, guys! Sounds good
Jun Lee:
Also any questions about BSC bridge you can feel free to submit the inquiry through [email protected]
Mary | Satoshi Club:
I see, there are a lot of reasons to try this!
Mary | Satoshi Club:
Thank you, guys, for your answers!
Jun Lee:
Still beta 1.0 btw
Mary | Satoshi Club:
Betas are my passion
Jun Lee:
Mary | Satoshi Club:
Ready to proceed, guys or you want to add something?
Jun Lee:
Good to move on
Q2 from Telegram user @Wormz28
I heard that after the launch of the Bridge service, the Staking Pool service will be activated. So may we know in advance the details of your upcoming Staking Pool Service especially how it works? Also, where are you more focused right now?
Jun Lee:
Guess we have lots of questions today.
Mary | Satoshi Club:
Don’t even doubt
Jun Lee:
As mentioned briefly earlier, ETA is Feb, this month. you guys will have various choices on ETH and HECO for staking and Yield farmings.
Gold Rocket | Satoshi Club:
You can be sure! There will be many interesting questions
Jun Lee:
Since BSC is our native token that would be the most high listed pairs and we will also support 9 Huobi tokens to work with HECO team.
Jun Lee:
We are currently reviewing what to add and this will be finalized once we complete the discussion with HECO team.
Jun Lee:
HECO team is Huobi Eco Chain team?—?FYI.
Mary | Satoshi Club:
Did you ask your community opinion?
simon Yoon:
With close cooperation with the major projects issued on the HECO chain, the BSC token will be able to successfully take root in the HECO chain’s ecosystem.
Jun Lee:
We will ask
however, the list should be along with an attractive rate of return.
Jun Lee:
This means that we also need to forecast a bit of price movement to ensure our users are better off.
Mary | Satoshi Club:
Can you give us a hint about how attractive it will be?
Jun Lee:
We can’t be always correct but for the best result for our users
Jun Lee::
APY
Jun Lee:
Pretty obvious.
Mary | Satoshi Club:
I mean numbers
Jun Lee:
We are currently offering 20~25% of APY for our USDT and ETH staking (lock-up) on Bitsonic.
Jun Lee:
We want them to be also attractive to ensure our holders are better off.
Mary | Satoshi Club:
Good numbers!
Jun Lee:
So! It is pretty to work on lol.
Jun Lee:
Lots of things to consider.
Mary | Satoshi Club:
Yes, I can imagine how busy you’re!
Jun Lee:
Hopely we can provide a good rate for the stakings on the Bridge too
simon Yoon:
I wanna tell you guys, 20~25% APY is in a high position in Cefi market!
Mary | Satoshi Club:
But the harvest will come soon
Jun Lee:
Not long to go
Mary | Satoshi Club:
Yes, in Cefi, yes!
Mary | Satoshi Club:
Thanks, guys! We will follow your updates!
Jun Lee:
will keep you posted!
Mary | Satoshi Club:
Sure! Ready for the next question?
Jun Lee:
Q3 from Telegram user @AmirJosh
One of Bitsonic articles said that the exchange is using 100% of the profits on buy-back and burn to reduce the overall circulating BSC token supply. May I ask where do Bitsonic gets the funds for the operating expenses if 100% of the income is being use for Buy and Burn purpose?
simon Yoon:
Sure we
Jun Lee:
This is one of the questions we are frequently asked
Mary | Satoshi Club:
Yes, I saw a lot of such questions
Gold Rocket | Satoshi Club:
So we will get an interesting answer.
Jun Lee:
We are an IT company that started in 2011. Bitsonic is one of the services we developed and operates. While we are operating Crypto business, we are also working on different parts of businesses such as Service integration, Development, Emojis, and Reg-Tech.
Jun Lee:
Some are fully on us and some are invested by us for the operation.
Jun Lee:
They are doing pretty good so we have multi-business channels to generate revenue.
Jun Lee:
Bitsonic. BSC holders are the underpinning of Bitsonic I believe.
Jun Lee:
We need to ensure that our users and holders are well looked after.
Mary | Satoshi Club:
Are you operating worldwide or in some regions?
Jun Lee:
Worldwide. but mainly in KR.
Mary | Satoshi Club:
Got it
Jun Lee:
The Emoji on Simon’s profile.
Jun Lee:
That is the one we produce on Kakao.
Gold Rocket | Satoshi Club:
Share with us, please
simon Yoon:
Name is Dongle-e.
Jun Lee:
Lol.
Mary | Satoshi Club:
I like it!
Btw, Kakao is very popular in KR, right?
simon Yoon:
https://esatoshi.club/wp-content/uploads/photo_2021-02-03_23-09-19-780x1024.jpg
Jun Lee:
One of the best-selling Emoji on Kakao.
Gold Rocket | Satoshi Club:
I love it
Jun Lee:
So!
Jun Lee:
Let me add one more comment!
Gold Rocket | Satoshi Club:
Sure.
Jun Lee:
BSC. we offered BSC for those Staking participants on us. it means that BSC supply keeps growing. We needed to ensure that BSC value is well looked after to deploy some of the defi services with BSC.
Mary | Satoshi Club:
It’s logical
Jun Lee:
Now we decided to burn BSC as much Bitsonic Exchange generates trading fees rather than supply more of BSC.
Jun Lee:
We believe the earnings from value kept are higher than getting shares from staking.
Jun Lee:
That was the reason being we changed our policy if this makes sense.
Gold Rocket | Satoshi Club:
Smart step!
simon Yoon:
These series of processes are all transparently disclosed on our website.
https://bitsonic.co.kr/front/en/bsc
Jun Lee:
Daily trading fee -> we buy BSC on the market -> Burn
Mary | Satoshi Club:
Both strategies are profitable
but, of course, it’s better to choose the best!
Gold Rocket | Satoshi Club:
By the way, have your plans to move to Europe?
Jun Lee:
We have a partnership with one of the European banks!
Jun Lee:
We will!
Jun Lee:
Definitely.
Gold Rocket | Satoshi Club:
The next question will be about this
Jun Lee:
Not physically! we will work with European partners since they know the market more than us )
Q4 from Telegram user @Antoni_azx
I had some difficulties to research this project because the website it’s all Korean. Will you add some translated information in the future? For what populations are principally intended for your marketing strategies?
Jun Lee:
We are working to rebrand ourselves to work globally and Full translation of our web is one of the top priority. We will get it done once we are fully ready for the coming regulation waves in Korea.
Jun Lee:
BTW, BSC bridge is in full ENG.
Mary | Satoshi Club:
We noticed
Mary | Satoshi Club:
Do you plan to rebrand?
simon Yoon:
And also,
You can change the language by clicking the Korean or English tab in the upper right corner of our website.
https://esatoshi.club/wp-content/uploads/photo_2021-02-03_23-12-17-1024x711.jpg
Gold Rocket | Satoshi Club,:
By the way, your crypto legislation is one of the most progressive in the world, isn’t it?
Jun Lee:
Yep. our newly designed website image is shared with our users however, we have a deadline coming for the upcoming regulation from KR Gov.
Jun Lee:
That is the priority.
Jun Lee:
Yep Pretty tough.
Jun Lee:
The deadline is the coming March.
Gold Rocket | Satoshi Club:
Thanks
Jun Lee:
We have 6 months grace period however we need to make sure we are fully ready! that is the top priority.
Mary | Satoshi Club:
The difficulty is that the website download in Korean
and we can’t find the right button.
Jun Lee:
Noted!
Gold Rocket | Satoshi Club:
A lot of work, little time
Jun Lee:
Top priority now.
Jun Lee:
But we will get there
Gold Rocket | Satoshi Club:
By the way, how big is your team?
simon Yoon:
Oh, that globe icon is what I said.
https://esatoshi.club/wp-content/uploads/photo_2021-02-03_23-14-29.jpg
Mary | Satoshi Club:
Thanks, guys! I hope it will be resolved as soon as possible
and we will enjoy a comfortable interface!
Jun Lee:
Started with 60 when I joined but now around 30.
Jun Lee:
Thank you!
Mary | Satoshi Club:
Oh, we will know!
Gold Rocket | Satoshi Club:
Good number! You will cope with all tasks and goals!
Jun Lee:
dedicated Bitsonic team number.
Jun Lee:
Other businesses, other teams.
Mary | Satoshi Club:
Did you mostly automate your work or you had to fire someone?
Jun Lee:
It is more about dealing with the regulation. We restructured our team last year but we needed a dedicated team for information security to ensure we can still operate our business after the regulation is down on the ground.
Mary | Satoshi Club:
Gotcha
Gold Rocket | Satoshi Club:
Thanks for the answer.
Mary | Satoshi Club:
Ready to jump to the next question?
Jun Lee:
We are also hiring many ppl these days but not that easy lol.. developers.
Jun Lee:
Let’s move on.
simon Yoon::
Let’s Roll up!
Q5 from Telegram user @konditer_rolex
There is an interesting page on Bitsonic called EasyBuy. I expected to see there something similar to a regular swap, or buying a currency with a credit card … But what I saw raised even more questions. Unfortunately, there were no active offers, but in history, you can see the sale of physical goods. What is EasyBuy, BSC LEAGUE, and SHOP? Auction, marketplace?
Mary | Satoshi Club:
Oh, devs are on fire now, like defi
Jun Lee:
Easy buy is Tokens sales like IEO.
Jun Lee:
Majority of token sales were closed early last year and IEO is not the trend these days. We also offer some of the lock-up (staking) products on the page as well as some shopping items like iPhones and stuff.
Jun Lee:
Those were available to purchase with BSC’.
Gold Rocket | Satoshi Club:
Are you planning to continue this direction?
Gold Rocket | Satoshi Club:
Or are there other priorities?
Mary | Satoshi Club:
I heard you have feminism token there
simon Yoon:
About two years ago, the exchange-led IEO market was very popular in Korea, and we were at the core.
Jun Lee::
Some good offer can be up there too so we will continue to leave it open for other products like hash power
simon Yoon:
Wow. How did you find it!
Jun Lee:
If there are good products we are always happy to put them up there. Lock-up products are still on there regularly but all sold out.
Gold Rocket | Satoshi Club:
This is very reasonable.
Jun Lee:
The next one will be open there again soon.
Mary | Satoshi Club:
Not me, but our members
Jun Lee:
Jun Lee:
I Gotta move on lol.
Gold Rocket | Satoshi Club:
I suggest moving on to the last question of this part.
Mary | Satoshi Club:
Thank you, guys! We will follow this market for updates
Jun Lee:
Yep! I am ready
Jun Lee:
Thank you! we will keep you updated!
Q6 from Telegram user @Gutike95
In many IEOs it is required to complete a KYC to be able to carry out the smallest operation, with Bitsonic it will happen the same? Or is your focus on decentralization and will you avoid all kinds of personal data from users?
Mary | Satoshi Club:
KYC is my pain, guys
Gold Rocket | Satoshi Club:
Yes you hate it
Jun Lee:
On Bitsonic! KYC is mandatory! Sorry guys. that’s a must lol You know that we can’t compromise on the Gov guideline right? lol
simon Yoon:
To be sure, Jun is one of the top experts in this field in Korea.
Jun Lee:
However.
Mary | Satoshi Club::
Because i know who is working in my tax department
Jun Lee:
Lol
Jun Lee:
It is hard however it is not evitable lol.
Jun Lee:
However!!
Mary | Satoshi Club:
Any countries restricted?
Jun Lee:
We have bridges coming up soon! Some of the Dex features will be open too.
Jun Lee:
Sanctioned and high-risk countries
Jun Lee:
Of course
Mary | Satoshi Club:
Oh, that’s what I love
Jun Lee:
I used to work in that area of work so I know how harsh the consequence can be if we don’t follow the rules lol.
Gold Rocket | Satoshi Club:
Yes your passion
Jun Lee:
We are on it!
Mary | Satoshi Club:
As a tax inspector in my previous life, I understand you
Jun Lee:
Haha Yep!
Good to share.
Jun Lee:
Part 2 I guess?
Gold Rocket | Satoshi Club:
We were very pleased to talk to you guys! You are very cool!
Mary | Satoshi Club:
Thanks, guys! I really enjoy our conversation today! But our members want their voices to be heard also and prepared their questions for the live part
Jun Lee::
Yep! Let’s move on!
Mary | Satoshi Club:
And their voices are loud
Jun Lee:
Love the voice.
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Amila19932
What kind of idea on NFT on BITSONIC?
Jun Lee:
Easy one first. Not sure how you know we actually looking at this part.
Yep! one by one
NFT. this should be linked with something with value. We can’t disclose much since we are currently evaluating the model however we have Emoji businesses
Q2 from Telegram user @ronaldo_super
Do you have any Banking customers from anywhere in the World?
Jun Lee:
We have only a Banking customer. Dukascopy bank.
They are our corp client and we are their corp client.
We are currently preparing some collaborative products for us.
ETA was Jan 2021 however since they are a bank they are conducting full test since Jan and we hope that ends soon so that we can provide their products to us soon
Q3 from Telegram user @Garrinepotter
Bitsonic used Sygna Bridge?—?a solution for secure data transfer. Explain why the exchange needed this and why it is important for the user?
Jun Lee:
When ppl are transferring money to others, Banks share the account holder’s information so that who involves in the transaction. this is to ensure that financial institutions are not abused by criminals.
In the crypto world, we have more spaces to grow however this can only happen when Governing bodies are happy with Crypto. when we can safely protect ourselves and our users from financial crimes we can grow faster and bigger. lots more to tell but since it’s too long lol.
Sygna, they are also one of our good friends
Q4 from Telegram user @Nickkiii
What varieties of the program is Bitsonic planning for the global market beyond Korea?
simon Yoon:
We are advancing into the global market by paying particular attention to the Defi market. In addition to we opened Vietnam-based Mtobit exchange, BSC tokens were successfully supplied to Uniswap through collaboration with a project last year.
Through Uniswap, many people around the world can access BSC, and I think that everyone can experience various ecosystems that we will create in the future and now.
Q5 from Telegram user Hidden
Didn’t Bitsonic raise the price to 2,850 won and do nothing for the past year?
Jun Lee:
A bit tough to answer however I have to tell you something.
Myself and our team is working super hard to find the best way to maintain the value of BSC. Our effort on that is something you can’t imagine. De-fi, stakings, Uniswaps, NFT, Bridges, partnerships with global exchanges, Partnerships with banks, and Reg-tech companies.
I and our CEO were overseas to meet those partners all the time. This is to make sure that we find the best opportunity to grow our business (bitsonic) because we believe our effort will pay back all one day.
I know that the current price of BSC is a bit low however I want to let you know that our CEO and my team are working super hard to protect the value of BSC. that is why we keep introducing new stuff. it is not easy to partner with global banks and companies.
My next pick would be.
Q6 from Telegram user @leixagarcia
What other products besides BSC Bridge do you plan to launch? Do you have in mind to work with loans or NFT Token?
simon Yoon:
If 2020 was the era of Defi, I think the second half of 2021 and 2022 will be the era of the NFT market. We will be prepared with some concern about this.
At the moment, we will focus more on the Defi market and further increase the use of BSC tokens, and the development team is making great efforts to introduce other Defi systems in addition to Mining-Staking.
Q7 from Telegram user @adamlike
If BSC staking is still going on won’t it cause the token price to go down?
Staking reward was BTC
When we are reviewing products, we also consider that it is also fun to play with. what we offered on Hotbit was BTC and APY was about 120% when BTC was approx. $20,000. What we are preparing is also with other HECO partner’s tokens so it won’t affect its supply.
Q8 from Telegram user @cryptofollower
Why did you choose BSC name as a coin? Don’t you think it can make confusion with BINANCE Smart Chain BSC?
simon Yoon:
Since the name of our exchange is Bitsonic, we named it Bit-Sonic-Coin. Because Koreans read characters in syllables, it is easier to pronounce them in B-S-C.
For reference, we started the blockchain business in 2018, and from then on, Our native token’s name is BSC.
Q9 from Telegram user @MCBTrade
BSC Bridge has a lot of strong opponents. Does this situation worry you? How are you planning to tackle them?
simon Yoon:
Currently, we know that our project is the only one in Korea where products have been developed to some extent in the Huobi eco chain ecosystem. In particular, in the Heco Chain, we will preoccupy the position of a pioneer, and through partnerships to be announced in the future, the ecosystem of BSC will be expanded to more major blockchains.
Q10 from Telegram user @Tony253210
The BSC is the main token that works on Bitsonic platform, this token has special uses on your exchange like BNB with Binance?
Jun Lee:
Lots of utilities on BSC
- IEO
- Shopping on Bitsonic?—?(Hot deals like I phones)
- lock-up and staking
- trading fee discount
- Trading experience on BSC market
and out of Bitsonic
- Staking on Hotbit
- Staking on Octetfi
- Staking on BSC Bridge
- Staking on Hubdao
BSC is also listed on Uniswap to ensure global users have access to it.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Bitsonic. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 500$.
For more information and future AMAs, join our Social Media channels:
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Our partners:
Bitsonic Telegram Community: https://t.me/BitsonicGlobal
Bitsonic Exchange: https://bitsonic.co.kr/front/en
Twitter: https://twitter.com/BitsonicGlobal
Medium: https://medium.com/bitsonic-global-channel
Coingecko: https://www.coingecko.com/en/exchanges/bitsonic
