❓| Problem 2: Social trading's trust issues

Meanwhile, the practice of ‘social trading’ – a service that allows investors to rapidly disseminate information via social networking services (SNS) and view each other's asset holdings and trading history in real time – is becoming increasingly prevalent.

The world's largest social trading platform, eToro, has a current valuation of 10 trillion won. In Korea, the social trading platform StockPlus has over 3 million subscribers, while Toss Securities, which has 5.6 million customers, offers a ‘shareholder verification’ feature that enables real-time linking of stock accounts, and NAVER Financial has introduced a similar feature. Consequently, social trading has become a global phenomenon, both domestically and internationally, and there is an increasing demand for a platform that caters exclusively to investors.

Nevertheless, social trading in the cryptocurrency market still faces a number of limitations. The most significant challenges are the lack of consolidated information and the low reliability of the data available. The information provided on social trading platforms in the crypto market is frequently unclear as to the source and reliability of the information. Consequently, the majority of investors rely on the information provided by a select few high-profile individuals or influencers.

However, this does not address the issue of information reliability. It is challenging to identify users who transparently verify their asset holdings or trading history, let alone their biographies and past history (including instances of fraud, market manipulation, or accidents).

Consequently, there is a risk that the majority of users may be financially disadvantaged as a result of inaccurate investment information. For those investing in cryptocurrencies, there is a requirement for a professional platform that transparently verifies the identity, trading history, past history and reliability of community members and the information they produce.