Biyong Banana Group is set up with the merger between Biyong and Bananatok...What officials of the industry said on the conference

Biyong, the most popular blockchain-based social network in the Chinese speaking countries, successfully held "Online Conference" earlier this month. Nearly 100,000 users of Biyong's official chatting room attended to the conference. 

The conference led by Golden Finance, the largest blockchain media in China. On the first session, Kevin and some other Chief Executive Officers(CEO) of some firms delivered speech: Cho Woo-chang of Bananatok, a blockchain messenger from South Korea; Park Byung-hwa of Coinreaders, the leading cryptocurrency news media in South Korea; An Xinxin of Golden Finance; Shao Jianliang(邵建良) of Canaan Blockchain.

At the beginning of the conference, Kevin, the founder of Biyong announced that it will be developed into a full-fledged firm with Bananatok. "ZooHoldings, a parent company of Bananatok, will strategically acquire Biyong SG. And, Bananatok and Biyong will set up ‘Biyong Banana Group’, encouraging tens of million people use the ecosystem of Biyong and Bananatok," he said.

"Bananatok plans to be a game-changer in popularization of blockchain. With a merger between Bananatok and Biyong, we will make progress in pioneering the blockchain industry by operating various services, from Banana EX(Banana Exchange), Crypto bank, Banana Games to Banana Pay. Such services would be helpful for Biyong Banana Group to lead the industry," explained Cho Woo-chang, who will be the president of Biyong Banana Group.

Biyong Banana Group will launch Banana EX, that supports Korean currency, letting people trade currencies for free. By releasing new Initial Social network service Offering(ISO), the group will offer services that can be beneficial to both company's project and users.

As for Banana Games, it is already preparing for giving service by partnering with game companies in Korea. Banana Games may win quite a few game users, thanks to marketing strategy by using games and providing great contents.

"Banana Bank", a Crypto Bank, will be also launched. Based on Information Security Management System(ISMS), Banana Bank offers financial services for both government-issued currencies and digital assets, as well as effectively protecting privacy.

At the conference, "Banana Pay", which will be a main business of Biyong Banana Group, was introduced. Users can pay with both government-issued currencies and digital currencies. Biyong Banana Group aims to popularize blockchain and digital assets by using its own global infrastructure and marketing strategies.

"This merger made Biyong Banana Group to be the biggest social network platform both in Seoul and Beijing. From now on, Biyong and Bananatok will have a separate management system, but the two companies would cooperate with each other for businesses," said Cho.

Park Byung-hwa, the head of Coinreaders gave speech about "The era of ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION: The challenges and future of the South Korean cryptocurrency market".

"The decree on digital assets is too strict. Some worry that the industry risks being shrunk due to a tight regulation on many companies. Many, however, argue that the introduction of the Act would be a boon to the digital currency industry in long-term," explained Park.

"Many in the industry see the Act as a great way to restructure the blockchain and cryptocurrency business in Korea. It would ultimately encourage the raise of new funds, as highly-trusted corporations can be survived in the industry with the activation of mergers between blockchain and cryptocurrency companies," he anticipated.

"The enforcement of the Act means the beginning of institutionalization, not the end of it. For a healthy development of the blockchain and cryptocurrency industries, the industries have to properly deal with regulations. And, the authorities have to flexibly handle the issues related to the industries, considering that digital assets and blockchain can lead the economic growth in the future," he added.

On the fourth session, Shao Jianliang talked about the role of market community. 

"While the clock is counting down to the Bitcoin halving, the traditional mining has various problems: high cost; complicated process; some factors like temperature and noise; management and maintenance issues. Cloud mining, however, resolves problems of the traditional mining, and can be settled following users' demands. Cloud mining can open the new era of cryptocurrency mining. Community-based economics will be important. Supercomputing business can be improved with resources, knowledge and experiences of community members, who can be rewarded tokens. The value of mining can be shared thanks to computing power, and community premium, which will be a new paradigm soon," he stated.

"Among Chinese platforms, Biyong, except WeChat, has the most coin users. This time, Biyong will be renovated, having more opportunities for achieving its future goals, as well as growing with the cryptocurrency industry," said An Xinxin of Golden Finance on the last session.

Huang Ling Bo of Fenbushi Capital in China, Kevin Ren of Consensus Lab, Yang Yu Mei of Node Capital, a venture capital in Beijing, Blake of LD Capital, and Eric Yoo, the Chief Information Officer(CIO) of Nexus One attended to the meeting.

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