Upbit, which is one of the most established Cryptocurrency exchange platforms in South Korea is set to start operations in Singapore at the beginning of October 2018. This new exchange will specialize in Singapore-dollar trading and Crypto-to-Crypto trading pairs in three major markets that are offered by the US-based Upbit partner known as Bittrex.
Upbit Launches Operations in Singapore
According to a report that was released on 19th September 2018 by Danamu Inc., which is the operator of Upbit, this Kakao-backed exchange platform is all set to start its operations in Singapore. At the moment, Upbit is currently the second largest Cryptocurrency exchange platform operating in South Korea.
Based on the latest reports shown on the financial charts, the trading volume of this South Korean Cryptocurrency mogul is at an approximated $229 million. It closely follows Bithumb, which is currently riding on a 24-hour trading volume estimated to be at $392 million. Upbit, at the moment, has an incredible 271 virtual currency coins that are listed on its main exchange platform.
No Exact Date
In February 2018, Danamu created a Singapore-based branch office and has been in the process of launching the exchange since that time. Since Singapore has positively rallied behind the Blockchain technology, Danamu strongly believes that the advancement of their operations in this country will assist them in securing several opportunities and have an international competitiveness while leading a number of relevant projects. Without expounding much on the exact date of the launch, Upbit just confirmed that it would begin the operations in Singapore in early October.
Why Singapore?
Due to the city-state potential support for Cryptocurrency and Blockchain activities, Upbit picked Singapore as its first destination of overseas expansion. An investor has gone ahead to reveal that Upbit plans to expand to more territories and countries in the near future. While speaking at the Upbit Developer Conference that was held in Jeju Island, Lee Sirgoo who is the CEO for Danamu revealed that Upbit does not have plans of issuing its own virtual coins in its upcoming Singapore exchange.
Just recently, a number of companies have moved their operations to Singapore and appear to be fairing on well. It began with the Japanese subsidiary of Naver {a Korean Internet mogul} Line that introduced to the Singaporeans Bitbox, a Cryptocurrency exchange. Binance also has plans of moving there.
More Plans for the New Exchange Platform
The upcoming Upbit Singapore will be under the leadership of Alex Kim, who was Kakao Indonesia’s head before coming to Upbit. The exchange will be serviced in English and provide Singapore dollar trading. In addition to that, it would also support Crypto-to Crypto trading pairs, and this would include the Bitcoin, tether, and Ethereum markets offered by Bittrex, the US-based Upbit partner.
According to Lee, the company has plans of adding other fiat currencies in future and even expand to other places like the Southeastern part of Asia. And as it continues to expand in various countries, the partnership that it has with Bittrex will be strengthened further.
