[Blockchain in SEA] New IEO Mode Under the New Market
[Blockchain in SEA]
76days ago

The full text is a total of 1729 words, expected to read 4 minutes.

Editors note: The price will be recovered to its value and this confidence will play the most critical role in driving the future development of blockchain.

横板海报24期英文.pngTime: 06/04  16:00(GMT+9)

Wechat group: BlockChain-in-SEA

Guest: Hyunsoo Do, CEO of Probit

Host: Andy Zheng, Beecast CEO



Andy Zheng: Good afternoon, everyone! I am Andy Zheng, CEO of Beecast.

Welcome to the leading blockchain community media [Beecast] and join us with 5000+ communities & 1000000+ Beecasters in [Blockchain in SEA] to discuss blockchain technology and industry development.

This is the phase 24,

Topic: New IEO mode under the new market 

Guest: Hyunsoo Do, CEO of Probit


Hyunsoo Do is the CEO of Probit and is responsible for the general management of the company.

Prior to the Probit, he worked at the Kim & Chang Law Firm more than 14 years as a lawyer.

He was responsible for important IT projects and cross-border M & A / Capital markets consultation business. He is also an accelerator of Fin-Tech and Blockchain technology company,  B-Seed Partners’ COO.

Hyunsoo Do holds a Bachelor's Degree of Electrical Engineering from Seoul National University and an MBA from NYU Stern.

He is also a lawyer who has passed the judicial examination and CFA (Certified Financial Analyst). He served in the ROK Navy as a military commander.


Andy Zheng: Mr. Hyunsoo Do, you can introduce yourself. As a lawyer for 14 years, what’s the reason for you to enter the blockchain industry? And what are the differences between these two fields?

Hyunsoo Do: As a lawyer, I worked for Kim & Chang, the largest law firm in Korea. My main job was to advise business people on high profile business and finance transactions. Working as a lawyer for 14 years, I met and worked with a lot of business people and I became interested in doing business on my own. Then, I saw a huge potential in blockchain and cryptocurrencies. I believed that crypto-currencies would grow as a key alternative asset class and crypto-exchanges will play more and more important role as the market grows.

Working as a lawyer and doing a crypto-exchange business is totally different, though the level of complexity is very high on both sides.  When working as a lawyer, my main concern was the best interest of my clients, whereas at ProBit, I should think about how to make the market bigger and more efficient while protecting users’ interest. Above all, I believe that working to develop an utmost exchange has a much larger impact in the market and society than working as a lawyer and that’s why I decided to jump into crypto-industry.


Andy Zheng: As CEO of Probit, can you briefly introduce the development history of Probit since its launch on November 30, 2018?

Hyunsoo Do: The most important thing we developed early on was our values as a company. Where will we draw the red line? Where will we compete? There are a few unique service propositions we aim for. Ease of using our products. Ease of doing business with Probit. The team knows this and works towards it and we were able to grow and expand the fastest in the market.

Product wise, we have built our own order matching engine which has never given us a single problem in 6 months of operations. Early on, we saw the value of getting into IEO. Crypto exchanges are known to wash volumes. However, they can’t inflate the amounts raised during IEO so easily. IEO was a great equalizer, especially to Probit which is a new entrant to the market. We do not have legacy users, we have a lot of new users that are active in trading and investing - in IEOs.


Andy Zheng: I heard that Probit will release a new way of IEO in June, can you introduce this new way of IEO to us?

Hyunsoo Do: It is the Premium Launchpad IEO. As some of you may know, Probit is the leading IEO exchange in most parts of the world. We have more than 40 rounds of IEO done in less than half a year. Each IEO customized to fit the needs of the projects. We receive about 10 applications to IEO every day.

Probit decided that when we come across a gem, we will give it premium status. These are projects which our due diligence team thinks have very 0promising potential. It has been 3 months since we were looking for one, and this June, we will finally have a Premium Launchpad IEO round.


Andy Zheng: So what are the advantages of Probit's new IEO compared with previous IEO?

Hyunsoo Do: It depends on the perspective. From the users’ perspective, they benefit knowing that these Premium Launchpad projects are rare, and vetted over time and again to ensure quality.

From the project’s perspective, it benefits because we are throwing our weight behind the project, announcing that we think this project is promising. I think this is very powerful. Of course, we will then market the hell out of it to make sure the community knows.


Andy Zheng: Recently, the price of BTC hits $8900, and the market trend of mainstream coins also tends to be positive, so does this mean that the winter of blockchain is over? How do you think about the future development of blockchain?

Hyunsoo Do: It is very hard to predict the future of crypto. Nobody can say that winter is over. However, it is important that the crypto market experienced the winter and got over it.  When the price of Bitcoin went down to as low as $3,500, many people thought that crypto was dead. Nobody expected that the price would recover this quickly.  I think the recent price recovery demonstrates that the market has admitted and accepted the fundamental values of cryptos.

Crypto market will continue to show big volatility and may experience another price downfall.  But the market now has a confidence that the price will be recovered to its value and this confidence will play the most critical role in driving the future development of blockchain.  Many think that the development of blockchain projects has not been fast enough, but I think it will be much accelerated from now.


Andy Zheng: The recent bitcoin theft has aroused discussion among many insiders. In order to prevent the recurrence of such incidents, how does Probit establish a perfect risk control system?

Hyunsoo Do: Hacks happen when the exchange or user gets lazy. At Probit we try and prevent both scenarios. Probit Exchange is very timid in its use of hot wallet. On any given day there is so little funds in our hot wallet that users sometimes experience some waiting time in withdrawing funds. Keeping the hot wallets thin is a lot of work to the exchange operations team. Yet, it is a necessary evil.

Users get lazy and use the same password for their email and exchange accounts. That is the fastest way to compromise the security of the account. Probit community managers have been reminding people to use a password manager, or simply a different password for both accounts. That helps strengthen the security a lot.  Also, ProBit supports hardware security key as well as Google authenticator. Hardware security key, which is optional to users, can provide even stronger security system to users than Google authenticator.


Andy Zheng: As a senior preacher in the blockchain field, you may have come into contact with a lot of people in the industry. Are there anyone you admire, and why? Beecast currently covers 250 cities in 15 countries, 5,000 community nodes, 1 million users , and hopes to invite more big names to [Blockchain in SEA] to share the blockchain knowledge, promoting the development of the industry. In the blockchain industry of SEA, if you introduces one or two guests to be interviewed, who would you recommend to Beecast to share?

Hyunsoo Do: I would recommend Mr. Sean Ryu, CSO of Alphacon.  



Andy Zheng: Next is the Free Q & A session. We also have collected some questions from audiences. If you have any question, please ask.


Q1: Hi, Mr Hyunsoo Do, Previously you introduced the development history of Probit, could you please introduce the future development plan of Probit to us?

Hyunsoo Do: ProBit issues it own native token, PROB.  PROB is a utility token which provides various benefits to holders in using of ProBit exchange, such as fee discount, airdrops of newly listed coins, referral bonus, trading competitions, event participation, etc.  We plan to expand the usage of PROB outside ProBit exchange, so that PROB can also have widespread usages. With such expansion, we believe the value of PROB will increase very much.

In this regard, the long waited Trade Mining of PROB finally begins in June.  Trade Mining is the key essence of ProBit and we have been preparing for this for a long time.  With Trade Mining, ProBit will jump up to the level of global top tier exchanges, which will accompany value increase of PROB of course.  I hope as many users as possible will participate in Trade Mining so that they can contribute to the success of ProBit while enjoying the benefit and profit from Trade Mining at the same time.


Q2: Some people said that bitcoin leads to the continuous expansion of channels for money laundering, while others said that blockchain technology will reduce the probability of money laundering. How do you think about it?

Hyunsoo Do: I think every technology has the potential to do evil. When a drug dealer drives a car to make drug deliveries, why does nobody lambast the car companies? The threat of money laundering is real and I see the industry, especially exchanges, coming together to ensure that large scale money laundering can’t happen through KYC measures, AML procedures and working with governments to beef these protocols up.

We see more and more projects coming up with ways to ensure total anonymity, for example Bitcoin mixers. I feel the industry is fighting back. More companies are realizing that they cannot go down the crypto-anarchic route and are starting to join working groups with governments on the issue of crypto governance.

This article is reproduced only, does not constitute an investment opinion.


Get more information


A blockchain media of the Southeast Asian.
News rankings
Hot news

© BeeCast-Blockchain media of the Southeast Asian