The Korea Herald

지나쌤

BlockSquare Seoul reads crypto market trends

By Im Eun-byel

Published : Nov. 29, 2023 - 16:49

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Iron Won, CEO of Youth Meta, poses for photos before an interview with The Korea Herald at the company's headquarters in Seoul, Monday. (Im Se-jun/The Korea Herald) Iron Won, CEO of Youth Meta, poses for photos before an interview with The Korea Herald at the company's headquarters in Seoul, Monday. (Im Se-jun/The Korea Herald)

BlockSquare Seoul, under the wing of its holding company Youth Meta, provides virtual currency trading assistant services based on algorithms powered by artificial intelligence technology.

Founded in 2016, the firm’s robo advisor, Goyabot, offers market prediction for some 180 cryptocurrencies, speculating future price movements by using data generated from real-time market monitoring.

Goyabot predicts crypto price fluctuations by analyzing buy and sell orders entered on exchanges, transaction data carried out on a blockchain network and liquidations taking place in the market.

Based on the data, it provides scores for cryptocurrencies, evaluating their profitability and stability. The scores are made into graphs, known as Goya charts, which give signals for buying and selling.

As the cryptocurrency market operates on a 24-hour basis, the robo advisor offers real-time analysis around the clock to provide a better trading environment for investors, helping them to make more informed decisions.

Around 20 tech experts at the company generate the AI by analyzing data and setting up new algorithms to respond to the market.

The service, which has been provided for free for the past five years, has now been put behind a paywall worth 13,000 won ($10) per day. Some 15,000 users have so far subscribed to the service, according to the company.

Hoping to break into new markets outside of Korea, the firm operates four overseas branches outside of the country -- in Singapore, Hong Kong, the US and the UK.

It further plans to launch an automated trading service for investors in March, linking its investment portfolio with automatic purchases and sales for those who are unable to utilize the company’s charts.

The service, which is still in its trial period, has been generating an average profit of 10 percent. The automated trading service will allow investors to see stable profits, the company said.

Youth Meta's affiliates include BlockSquare Seoul, the marketing branch ReTri, crypto asset growth platform Rising X, crypto foundation VOB, and finance and investment arm Block Square Investment. It further hopes to expand its business into the unmanned aerial vehicle industry in the near future, seeing potential in the drone service sector.