UPbit open beta launched by Bittrex

South Korean fintech firm Dunamu launches its cryptocurrency exchange Upbit
27 October

Back to September

It has been reported that South Korean Internet company Kakao in partnership with the popular American crypto exchange Bittrex was going to launch a new trading platform, UPbit, in October.

The registration has been available on the website of the new exchange since its announcemet. At the moment of writing, there was no much info on the website except the release date of the app (October). The Korean exchange was to use the technologies developed by Bittrex. The companies were going to use the technology of Bittrex, likely rebranding their platform for Korean users, which means there will be 200 cryptocurrencies and assets available.

UPbit beta launched, October

Now, a South Korean fintech firm Dunamu, subsidiary of Kakao Inc.,launches Upbit in beta. Dunamu has started offering an open beta service for Upbit from October 24, 2017.

The platform supports markets that can be traded with Korean Won (KRW), Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). In order to launch the exchange, Dunamu has signed an exclusive partnership agreement with the leading cryptocurrency exchange Bittrex. The BTC market, ETH market and USDT market will be offered through Bittrex.

With the partnership with Bittrex, we are not only able to support the largest number of digital currency trading services but also have addressed problems such as inconveniences of existing Altcoin investment, time delays and complicated account management. Starting with the open beta service, we are planning to provide services that are optimized to domestic trading conditions.

Song Chi-hyung
Dunamu Chief Executive

On top of that, Dunamu focused on improving dafety by adopting Bitgo’s double wallets for added wallet security and consulting Theori, a four-time winner of DEF CON hacking finals, for security as well.

During the open beta service period, users will be able to access all the functions of Upbit through desktop, Android, and iOS platforms.

The 25 of November Bittrex introduces new rules

Today Bittrex users have got official letter about new rules on stock exchange
25 November

There are main theses from this document:

  • Removing stale orders:  Bittrex will be removing orders that are older than 28 days;

  • Raising the minimum trade size: the minimum trade value for orders will go from 50,000 Satoshis to 100,000 Satoshis;

  • Creating minimum tick sizes: Bittrex will be instituting minimum tick sizes. The target is to have minimum trade sizes that are near 0.1% of the current price;

  • A general statement about market manipulation tactics: Bittrex actively discourages any type of market manipulation, including pump groups. They will suspend and close any accounts engaging in this type of activity and notify the appropriate authorities.  

All these parts will come into force within the next 2 weeks.

Bittrex users already are afraid of incorrect application of the last measure specified in the letter. They think that this is a too blurred criterion under which any user can get. They also fear that if Bittrex decides to block these accounts, users will lose their money.

That massive problems with verification, then at any time you can be considered a manipulator, a fraudster and block your account with all the money you've got.



user of bitcointalk.org forum

Other changes are not seemed so fatal to users. For example, they think that creating minimum tick sizes will reduce the number of bots. Then this letter provoked the appearance of complaints about the work of the stock exchange as a whole.