Dunamu Inc., the operator of South Korea’s largest cryptocurrency exchange Upbit, said on Wednesday that they are officially launching Upbit Singapore next month. As of now, Upbit is the second largest South Korea’s cryptocurrency exchange with approximately 229 dollars 24 hour trading volume. At first, Bithumb is leading with $391 trading volume.
Alex Kim, CEO of Upbit Singapore, officially stated that the locals now can trade all digital currencies. This whole is integrated with exchange partner Bittrex with 24*7 security monitoring and firewall enhanced feature for advanced security.
Alex further told that Dunamu’s decision to increase to a country like Singapore was lifted upwards by the Monetary Authority of Singapore (MAS) and the country’s government vision to establish cryptocurrency and blockchain sector.
From February this year, Dunamu was preparing for an exchange launch after a successful establishment of the branch office in Singapore. Kim Kook-hyun, head of Upbit’s Singapore branch, quoted that, “As Singapore has supported blockchain technology, this is a good chance for us to lead a variety of useful projects and have competitiveness globally.” The company confirmed in the past that they will launch in early October without revealing the exact date. Not just Dunamu but Binance – world’s largest cryptocurrency exchange has also launched them in Singapore.
The confidence with which Upbit is integrating the dollar of Singapore shows the presence of strong banking partners in the country which are capable of smooth working of demand and interest towards cryptocurrency. Kim also added that Upbit’s secure and convenient exchange integrating with Singapore dollars, Bitcoin, Ethereum and USDT will help them to attract more users and establish Upbit’s place in the world market.
What led Upbit to establish them in Singapore?
According to CEO Sigroo Lee, Singapore is a bridge between Korea and the world’s cryptocurrency exchange market. Currently, there are many uncertainties in South Korea about crypto market and are not clarified in the local market unless the first blockchain and cryptocurrency legislation is passed, which is expected to be in late 2018.
He elaborated that one of the key reason to expand globally is to connect the cryptocurrency to the economy. He is hopeful about the establishment of regulatory regarding cryptocurrency in Korea. This will help companies to grow their competitiveness.