Overview
Allbit was a South-Korean centralized crypto exchange launched in 2018 by an investor linked to Dunamu, the team behind Upbit. It offered spot and trading pairs for a modest number of assets, employed a unique side-chain-based matching system, and featured low flat-fee trading. The platform ceased operations in March 2021 and now remains untracked and dormant.
Allbit - South Korean Exchange That Folded
Allbit debuted in March 2018 in South Korea, backed in part by Dunamu. It touted an architecture called decentralized heterogeneous chain communication technology, which involved side-chain pegging layers and atomic swaps for fast peer-to-peer transactions. Allbit supported trading in a few dozen assets and launched its own token APOT, which could be traded against ETH, with incentives via staking and ecosystem rewards. The interface was available in multiple languages including Korean, English, Chinese and Spanish, and the platform had a clean user interface with order books, charts and trade boxes.
Platform Features and Trading
Trading fees were simple and flat at about 0.20 percent maker or taker, which was competitive at the time. Withdrawal seemed equally low cost compared with industry averages. The exchange prided itself on atomic swap speed and minimal latency execution. Despite the early promise, Allbit’s trading volume dropped over time, and by 2021 the platform was delisted and designated as untracked on aggregators. No posting of volume data signaled a lack of activity and transparency.
Security and User Experience
Security appeared adequate with SSL and two-factor authentication in place, though no high-profile audits or insurance funds were visible. The exchange claimed no fraud or hacks before its shutdown. User sentiment was mixed. Some early reviewers praised the lack of fees and reliability during uptime. Others noted limited geographic access, inconsistent asset depth and sparse support. As interest waned and trading volume disappeared, the platform shut off all services without detailed public explanation.
Pros and Cons
- Pros: No trading fees during its operational period; Fast atomic-swap protocol and intuitive interface; Support for multiple languages and its own token APOT.
- Cons: Very limited asset variety and depth; Closed permanently in March 2021; No clear ongoing support or protection for users; No volume tracking or continued transparency.
Who Used Allbit
Allbit was primarily aimed at early adopters in Asia seeking zero-fee trading and fast settlement via its side-chain model. However, new users or larger traders would find little asset offering and no leverage or fiat access.
Final Thoughts
Today Allbit serves as a cautionary tale: a niche exchange with novel tech but poor longevity. It may interest historians of crypto infrastructure or token project followers, but it no longer serves any active trading needs.