New South Korean Altcoin Exchange Upbit Opens For Beta-Testing

Published on 28 Oct. 2017
Upbit exchange

South Korean financial and technological startup Dunamu, a unit of the biggest South Korean platform for message exchange, has opened its new cryptocurrency exchange for beta-testing. 

For the first time, Dunamu announced the future launching of its new cryptocurrency exchange Upbit, developed in cooperation with the American exchange Bittrex, at the end of September. As was mentioned then, Upbit exchange would include in the listing the unexampled in South Korea number of Altcoins – about 110 cryptocurrencies. This, according to the Dunamu, would lead to the Upbit becoming the biggest cryptocurrency exchange in South Korea. 

 “At the initial stage, Upbit will generally process Bitcoin and big altcoins such as Ethereum, Ripple, Litecoin, with the volume of trades higher than a particular sum.” – The resource Korea Joongang Daily wrote right after the announcement about exchange launching. “The ultimate goal of the platform is trading 111 different altcoins on 167 various markets”.

Upbit will support trading altcoins to such main currencies as Korean Won, (KRW), Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). 

As Business Korea reports, the exchange Upbit has opened the door to the users to check its work in the beta-testing mode. The platform can be tested via the Android and iOS smartphones, and definitely via the PCs and laptops. 

Dunamu CEO, Song Chi-Hyung stated:

Due to the cooperation with Bittrex, we not only support a lot of trading services but also are ready to face such challenges as existing inconveniencies of altcoin investment, time delays, and complicated account management. Starting from the ten open beta-services, we are planning to provide the services, optimized for inner trading conditions [in South Korea].  

Dunamu is also an operator of Kakao Stock, the most popular app for security trading in South Korea. One more Kakao Corp. product is an app for immediate messages, which is used by around 93% of South Korean citizens. Dunamu has confirmed that Upbit traders will be able to use all the benefits of the regular ecosystem since they will be connected to Kakao Talk and Kakao Pay, Kakao Corp. subsidiary that provides mobile communication to about 15 million people in Korea. 


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