The operator of the leading South Korean cryptocurrency exchange Upbit, Dunamu, announced its intention to open another trading platform in Singapore in October. This is reported by CCN.
In a statement, Alex Kim, CEO of Upbit Singapore, said that users from Singapore will be able to trade all the cryptocurrencies, an integrated by partner exchange. The new platform will have a 24-hour security monitoring system.
He also noted that the decision of Dunamu to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore (MAS) to regulation, as well as the desire of the country's government to create a powerful crypto and blockbuster industry.
Upbit is supporting the trading pairs with the Korean won since mid-2017 and intends to support the Singapore dollar after the opening of the new exchange. This suggests that the exchange has strong banking partners in the country that can support demand and interest in cryptocurrencies.
We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.
Upbit is a division of the South Korean technological giant Kakao. The launch of this trading platform took place in October 2017, and in this short time the exchange managed to become the 11th largest trading company in the world. Currently, the daily turnover of Upbit is about $ 160 million