SOUTH KOREAN CRYPTO EXCHANGE UPBIT TO OPEN SINGAPORE-BASED CRYPTO EXCHANGE IN OCTOBER

According to local news outlet Yonhap News, South Korean crypto exchange Upbit will be opening a Singapore-based exchange next month. Dunamu is the operator of the South Korean crypto exchange and is also Kakao’s affiliate.

Yonhap further reports that since Feburary, Dunamu had already set up a branch in Singapore as the first step of their plan to expand across the Asian market. Unfortunately, the exact date of the Singapore launch is not finalized but rumored that the service could go live earliest in October.

The head of Upbit’s Singapore Branch told Yonhap News that “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.”

Upbit’s trading volume has seen a surge of about 53.6% per day according to CoinMarketCap. They are currently ranked as the 10th largest crypto exchange globally with about $241 million in trades over the 24 overs.

In a Seminannual Report by Kakao, it was found that Upbit managed to defy the bearish global crypto market and was able to post a $100 million profit in Q3 of 2018.

More and more Korean crypto companies seem to be expanding out of Korea for now perhaps due to the current regulations and with Singapore being one of the favored countries in Asia to go to.

*Edited based on an article from blockasia

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