Major Korean Crypto Exchange Upbit Opens in Singapore Next Month


#1

Major South Korean cryptocurrency exchange Upbit will reportedly begin operations in Singapore next month. The new exchange will offer Singapore dollar trading as well as crypto-to-crypto pairs in three markets offered by Bittrex, Upbit’s US-based partner.

Upbit Expands to Singapore

Major South Korean Crypto Exchange Upbit Opens in Singapore Next Month

Dunamu Inc., the operator of the Kakao-backed exchange Upbit, said on Wednesday that it is launching a cryptocurrency exchange in Singapore next month, Yonhap reported.

Major South Korean Crypto Exchange Upbit Opens in Singapore Next Month

Upbit is currently South Korea’s second largest crypto exchange. At the time of writing, its 24-hour trading volume is approximately $229 million, second only to Bithumb which has a 24-hour trading volume of $392 million. At present, Upbit has 271 cryptocurrencies listed.

Dunamu established a Singaporean branch office in February and has been preparing for an exchange launch ever since, the news outlet conveyed. Kim Kook-hyun, head of Upbit’s Singaporean branch, was quoted saying:

As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.

Major South Korean Crypto Exchange Upbit Opens in Singapore Next Month

Without revealing the exact launch date, the company confirmed that it will be in “early October.”

Singapore was picked as the firm’s first overseas expansion because of “the city-state’s strong support for blockchain and related technologies,” the Investor stated, adding that the firm plans to expand to more countries in the future.

At the Upbit Developer Conference held on Jeju Island, Dunamu CEO Lee Sir-goo confirmed that Upbit will not be issuing its own cryptocurrency. Referring to the exchange’s expansion to Singapore, he told reporters:

We don’t want to lose out on the opportunities now…If we wait until the Korean crypto exchange environment improves, we could lag behind our global competitors.

Plans for Upbit Singapore

The new exchange will be headed by Alex Kim who previously served as the head of Kakao Indonesia, the Investor described, elaborating:

The Upbit Singapore [exchange] will be serviced in English and offer Singapore dollar trading. It will also support crypto-to-crypto pairs, including Upbit’s US partner Bittrex’s bitcoin, ethereum and tether markets.

Major South Korean Crypto Exchange Upbit Opens in Singapore Next Month

Lee detailed, “In the future we would like to add other fiat currencies and expand to other countries in Southeast Asia,” emphasizing that Upbit will continue to strengthen its partnership with Bittrex as it expands globally.

For the launch promotion, trading fees in the Singapore dollar market will be waived for one month for “users who complete their subscription and self-certification,” the publication noted.

Recently, several companies have expanded to Singapore. Line, the Japanese subsidiary of Korean internet giant Naver, has launched a crypto exchange called Bitbox in Singapore. In addition, Binance is beta testing a fiat exchange in the country, CEO Changpeng Zhao revealed last week.

What do you think of Upbit expanding to Singapore? Let us know in the comments section below.


#2

this is good news for us and crypto investors and also for traders how much crypto industry will spread so much benefit we will get


#3

this is good news, hopefully it will cause an increase in the crypto coin rating. But, as a new market, upbit will find it difficult to compete with other platforms, except for free coin registration fees and user transaction fees for 3 months.


#4

They chose one of the best country where are sure of success and a good increase in their daily volume. Its good for both, the exchange and the people of Singapore.

It is an already established reputed exchange. It’ll do good.


#5

It is a great news. Singapore has been pro technology, honestly. Like Malta, which supports the this technology and its benefits. Well, I am looking forward to adding other fiat currency pairs of south east asian nations. If that will happen, small countries will have a better involvement in trading. And I guess it will be much easier unlike trading on other exchanges, if you live in the SEA region. Hopefully, they will support cashing in via cards too of those fiat currencies once implemented. This will create another market for them.


#6

I have a few friends who are really into trading and they have a plan to shift to Malta if Indian Governement decides to ban crypto trading in India. You can see the faith people have in Malta when it comes to crypto trading or for accepting new technologies.

These small nations are really making a change and they’ll also beneflt most because of being the early adopters of new techs.

There are some projects which are going to provide cards to use and spend cryptos in future. Maybe we’ll have the option of cashing out with cards too.