Bitnine Acquires Stake in Used Goods Trading Platform HelloMarket
[Asia Economy Reporter Park Hyungsoo] Bitnine announced on the 23rd that it has expanded its graph DB business area by acquiring a 22% stake in the non-face-to-face specialized secondhand trading platform ‘HelloMarket’.
Bitnine and HelloMarket also separately signed a ‘profit-sharing joint business contract’ to introduce a new type of graph DB technology-based service.
HelloMarket is one of the four major online secondhand trading platforms in Korea, along with ‘Joonggonara’, ‘Danggeun Market’, and ‘Bungaejangter’. Founded in 2011, HelloMarket currently has about 5.4 million registered users. Approximately 300 billion KRW worth of transactions are conducted annually.
HelloMarket provides various services such as its own non-face-to-face dedicated safe transaction system ‘HelloPay’, which enhances the ‘safety’ of secondhand transactions and the ‘convenience’ for users, the safe delivery service ‘Hello Courier’, and the large secondhand item delivery service ‘Homepick’.
Bitnine plans to take HelloMarket’s safety and convenience to the next level. The two companies will apply Bitnine’s anomaly transaction and fraud detection system (FDS), which has been verified by public institutions and financial sectors, to HelloMarket’s transaction system to build an intelligent fraud prevention and detection system based on graph DB technology. Given the nature of secondhand trading, where illegal transactions and fraud are frequent, Bitnine’s FDS is expected to create strong synergy.
Bitnine will also introduce its customized recommendation algorithm technology based on graph DB technology, which can enhance user convenience. Graph DB technology specializes in analyzing correlations between data. Recently, it has been actively adopted in services and distribution industries such as online shopping malls and SNS.
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Kang Cheolsun, CEO of Bitnine, introduced, "The purpose is to create core services in future industries based on Bitnine’s unique technological competitiveness." He added, "Bitnine will continuously discover new service models based on graph technology in promising future industries," and explained, "We will leap forward as a graph technology service company beyond being a database company."
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