The leading South Korean operator of the cryptocurrency exchange Upbit company Dunamu declared intention to open in October have a trading platform in Singapore. It is reported by CCN.
In a statement, CEO Upbit Singapore Alex Kim says that users in Singapore will be able to trade all the altcoins, integrated partnership with the exchange. The new platform will have round-the-clock safety monitoring system.
He also noted that the decision Dunamu to enter the market of Singapore was influenced by the positive approach of the Monetary authority of Singapore (MAS) to regulate, and the willingness of the government to create the powerful crypto and blockchain industry.
Upbit supports trading in pair with the Korean won in mid-2017 and intends to maintain Singapore dollar after the opening of the new exchange. It says that the exchange has the country’s strong banking partners that can support the demand and interest in the cryptocurrency.
“We are confident that the reliable and convenient exchange service Upbit in combination with the ability to trade the Singapore dollar, as well as bitcoin, Ethereum and USDT supported Bittrex will allow us to attract customers and strengthen its presence in the global market,” said Alex Kim.
Earlier it was reported that this week the closed beta of the new trading platform supports Fiat launches the largest trading volume, the exchange Binance. As noted by columnist Joseph young, so in Singapore there will be two the largest bitcoin exchange in Asia.
Binance & Upbit two largest crypto exchanges in Asia, announced their expansion to Singapore.
Both exchanges selected Singapore as their first international market, because of Govt’s optimistic approach towards regulation.
Govts that do not embrace crypto will be left out.
— Joseph Young (@iamjosephyoung) 19 September 2018
Upbit is a division of the South Korean technology giant Kakao. The launch of this trading platform was held in October 2017, and in that short time the stock exchange managed to become the 11th trading volumes in the world. Currently, the daily turnover Upbit is about $160 million.
In August Upbit reported receiving in the third quarter of this year net profit equivalent to $100 million.