The operator of the leading South Korean currency exchange Upbit, Dunamu, announced its intention to open another trading platform in Singapore in October. This is reported by CCN .
In a statement, Alex Kim, CEO of Upbit Singapore, said that users from Singapore will be able to trade all the crypto-currencies, an integrated partner exchange with. The new platform will have a 24-hour security monitoring system.
He also noted that the decision of Dunamu to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore (MAS) to regulation, as well as the desire of the government to create a powerful crypto and blockbuster industry.
Upbit supports trading in a pair to the Korean won in mid-2017 and intends to support the Singapore dollar after the opening of the new exchange. This also shows that the exchange has strong banking partners in the country that can support demand and interest in crypto-currencies.
"We are convinced that the reliable and convenient Exchange service in combination with the ability to trade the Singapore dollar, as well as bitcoin, Ethereum and USDT with the support of Bittrex will allow us to attract users and strengthen our presence in the global market, " Alex Kim said.
Earlier it was reported that this week the closed beta testing of the new trading platform with the support of Fiat is launched by the largest by the volume of trading Binance exchange. As noted by the observer Joseph Young, thus in Singapore will work the two largest for today bitcoin-exchanges in Asia.
Binance & Upbit, the 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 technological giant Kakao. The launch of this trading platform took place in October 2017, and in this short time the exchange managed to become the 11th largest trading company in the world. Currently, the daily turnover of Upbit is about $ 160 million.
In August, Upbit reported receiving in the third quarter of this year a profit equivalent to $ 100 million.
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