South Korean Exchange Expands Bitcoin Exchanges
Cryptocurrency exchange in South Korea, Upbit has reportedly set to establish two new crypto exchanges in Indonesia and Thailand, meeting its goals for further expansion. The firm recently launched an exchange in Singapore. Around 240 trading pairs and over 130 coins will be offered on both of the new Upbit exchanges according to the website(s).
As stated by Bitcoin.com, Upbit is one of the biggest crypto exchanges in the country and has been recently marketing new crypto exchanges in Indonesia and Thai for their local languages and each exchange has been set up separate websites.
Edaily has reportedly quoted Upbit saying that âBoth countries appreciate the growth potential of the cryptocurrency industry. Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.â
The South Korean exchange is operated by Dunamu Inc. which is a partner of Kakao Corp and operated through the countries most popular app called Kakaotalk. Itâs worth noting that Upbit is also affiliated with the US-based exchange Bittrex.
The CEO of Dunamu is Lee Seok-woo and has been planning overseas expansion for his exchange said:
âFrom the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.â
Upbit recently launched an exchange in Singapore which supports Singapore dollars. The company aims for their new exchanges to support the baht in Thailand and the rupiah in Indonesia.
For Indonesia, the Upbit website isnât as well designed but still portrays itâs message of âBuy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United Statesâ which is shown on the first page and apparently around 156 coins and 276 trading pairs will be supported. Â
On the front page of the Thailand website, it says âprepare to meet Upbit Thailand soonâ the exchange also states that its service is in closed beta phase and is now available to only a limited number of early registrants. Over 130 coins and more than 240 trading pairs will be listed on the exchange.
The government in the country completed its regulations on cryptocurrency in May. it is currently evaluating several applications which want to operate in the crypto space. Six crypto exchanges and one dealer has been allowed to operate in the country while their applications are being reviewed since they were in business before the regulations.
What are your thoughts? Let us know what you think down below in the comments!