The operator of Kakao Stock, a popular Korean securities trading app based on the country’s number one smartphone messenger app Kakao Talk, is launching a cryptocurrency exchange called Upbit. Over 110 cryptocurrencies will be supported initially including bitcoin, ether, and litecoin. The company says that it will be the largest digital currency exchange in South Korea.
Korea’s Largest Crypto Exchange Launching
South Korean fintech company Dunamu Inc. announced on Monday that it will beta launch a cryptocurrency exchange called “Upbit” next month. The company planning to launch this exchange back in August. The company claims that Upbit will be the largest digital currency exchange in South Korea.
Launched in April 2012, Dunamu is affiliated with Kakao Corp, the company behind Kakao Talk, Korea’s number one smartphone messenger app with over 200 million users worldwide. Kakao Talk is installed on over 95% of smartphones in South Korea. Dunamu also operates a popular securities trading app called Kakao Stock, a social trading service based on Kakao Talk.
Upbit will be accessible through the Android and iOS platforms, as well as on desktop computers through its website. The service will also offer coin investment guides with analyses of various altcoins. In addition, the new exchange will also offer internal Bitgo wallets to their users as well as Kakao Pay authentication for added security, its website states.
Pre-registration for Upbit begins on Monday, September 25. According to Edaily, pre-registered users will be entered into a drawing to receive one coin from the list of cryptocurrencies which will trade on Upbit, including bitcoin.
Exclusive Agreement with Bittrex
In order to launch Upbit, Dunamu signed an exclusive partnership agreement with the U.S. Digital currency exchange Bittrex, which supports over 190 cryptocurrencies, according to its website.
Initially, Upbit will offer the trading of over 110 cryptocurrencies, KBS World Radio, detailed:
Upbit will trade over 110 different digital currencies including bitcoin, ethereum, ripple and litecoin. In comparison, existing exchanges in South Korea trade around six to eight virtual currencies.
Currently, users in South Korea wanting to trade most cryptocurrencies have to “transfer money to overseas exchanges such as Bittrex, Poloniex, etc,” the Korea Financial Times explained. They would encounter problems such as “time delays, complicated account management, and language barriers,” the news outlet noted, adding that Upbit will eliminate these problems and will therefore “raise the domestic virtual currency trading environment to a world-class level.”
Images courtesy of Kakao Corp and Upbit.