South Korean Crypto Exchange To Launch Trading Platform In Singapore
The representatives of Dunamu, an operator of South Korea's most famous trading platform Upbit, announced the upcoming opening of a Singapore-based subsidiary in October, CCN reports.
Customers from Singapore will get an opportunity to trade all assets available in the listing of the Bittrex exchange, the partner of Upbit. Crypto trading will be performed 24/7 in compliance with all security requirements, according to the information provided by the executive director of Upbit Singapore Alex Kim. In addition, he made an emphasis that the company's decision was predetermined by the loyal attitude of the city-state’s financial regulator to the crypto sphere and the desire of the authorities to evolve blockchain and other innovative technologies.
Over the past few years, Singapore has been trying to become the worldwide leader in the digital industry by creating favorable conditions for the development of crypto companies. However, with regard to the cryptocurrency market's growth indicators, the country still lags behind such countries as Malta, Switzerland, South Korea, and Japan.
Upbit has been trading cryptocurrencies paired with the Korean won for a period of more than one year and will be able to trade the Singapore dollar having serious banking institutions as partners that support the demand for digital assets.
Upbit is owned by the South Korean corporation Kakao. The exchange was opened last year and quickly gained popularity among traders. In accordance with the analytical portal CoinMarketCap as of September 20, Upbit is ranked 11th in the daily trading volume totaling $163.8 million.
Earlier, Changpeng Zhao, Binance’s executive director, announced the beginning of beta testing of his unit in Singapore.