Kakao launches Upbit new Korean Crypto currency Exchange
Dunamu, a South Korean Fin Tech startup and a subsidiary of South Korea’s largest messaging platform Kokoa has recently launched a brand new crypto currency exchange named Upbit.
The company had disclosed the details of Upbit, a joint venture with a US company Bittrex early in the month of September. Dunamu expects that Upbit will emerge as one of the largest crypto currency exchange in South Korea.
According an expert from an article in the Korea Joongang daily, ‘The Upbit will initially handle Bitcoins and other major alternative coins such as ethereum, ripple and litecoin’. The company’s primary objective is to enable trading of 111 different tokens from 167 markets.
Korean Won (KRW), Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) are the four major currencies which provide constant
support to Upbit. According to a new Business Korea report, Upbit is planning to execute a trial run in beta mode. The potential users will be able to use the platform through mobile applications like Android and IOS. It also offers access to Kakao users.
Song-Chi-Hyung, CEO of Dunamu, said that Upbit is currently planning to provide optimized services to the domestic trading environment. With joint collaboration of Bittrex, they are able to support a huge number of digital currency trading services and mitigate issues such as time delays, complicated account management and difficulties with respect to the existing alt coin investment, he added.