Bitnine Becomes Largest Shareholder of HelloMarket... "Leaping to a Platform Company Based on Data Competitiveness"

[Asia Economy Reporter Jang Hyowon] Bitnine, a graph database (DB) specialist company, is advancing as a graph technology-based platform company by additionally acquiring shares of HelloMarket, a non-face-to-face specialized secondhand trading platform.

On the 25th, Bitnine announced that it will invest 2 billion KRW by participating in HelloMarket's paid-in capital increase. With this, Bitnine has increased its stake in HelloMarket to 27.6%, maintaining its position as the largest shareholder following the share acquisition in December last year.

Through this acquisition, Bitnine has secured a secondhand trading platform with over 5 million users, significantly strengthening its data competitiveness. It is analyzed that Bitnine's graph technology, based on relationships between data, can create the greatest synergy with social networks and P2P (online investment-linked finance) businesses such as secondhand trading platforms. Through this, the company aims to leap forward as a giant platform company equipped with graph technology-based service platforms in commerce, finance, and other fields in the future.

Yoon Hyojun, CEO of HelloMarket, said, "We plan to innovate customer experience by solving various problems in the secondhand trading market through Bitnine's graph technology," adding, "We expect both companies' platforms to grow together based on technology and various business collaborations."

Bitnine plans to develop not only fraud detection systems (FDS) for abnormal transactions but also various areas of secondhand trading services. Bitnine will also hold ownership of jointly developed services and share the generated profits jointly. Bitnine's FDS, which has been sufficiently verified by public institutions and financial sectors, is already applied to HelloMarket's transaction system.

They will also implement a hyper-personalized recommendation service based on graph technology. Beyond typical simple statistics-based recommendation systems, they will provide advanced customized services through a graph recommendation system based on user behavior and patterns. Accumulated search data will be transformed into a Knowledge Graph to enable both sellers and buyers to trade easily and enjoyably.

A value evaluation system for products will also be implemented. By using time-series graph analysis technology, trends for products will be identified and the analysis results will be provided to both buyers and sellers. It will be possible to predict appropriate market prices and future values of products.

Kang Cheolsun, CEO of Bitnine, said, "Participation in this paid-in capital increase is a process to prove Bitnine's unique technological competitiveness and its value," adding, "Bitnine will continue to discover new service models based on graph technology and leap forward as a platform company based on graph technology beyond a database company."