Fintech Firm to Launch Cryptocurrency Exchange in South Korea

0
223

South Korea is getting a new cryptocurrency exchange, one backed by an already established fintech firm.

The new platform, known as Upbit, is a partnership between South Korean app maker Dunamu and U.S.-based Bittrex, one of the market’s longest-running exchanges focused on alternative cryptocurrencies.

Set to open next month, Upbit plans to support an extensive range of tokens (over 100 in total). As such, a key part of its value proposition will be the consolidation of potential trading options.

The news comes as South Korea is emerging as a new hotbed of digital currency trading, and as neighboring China, once a major hub for activity, cracks down on local exchanges.

Dunamu, for its part, brings extensive experience in mobile apps to the partnership. Among others, it developed a stock-trading app for South Korean internet conglomerate Kakao, and Upbit users will be able to use Kakao’s messaging and payment apps to place trades.

Upbit’s website further indicates that BitGo, a pioneer of multi-signature solutions for cryptocurrency companies, will provide wallet security to the exchange’s customers.

Seoul, South Korea image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

LEAVE A REPLY

Please enter your comment!
Please enter your name here