Dunamoo, the parent company of South Korea’s largest crypto exchange Upbit, has officially announced the launch of Upbit Singapore, which will be fully operational by October, local news outlet Yonhap News reports September 19.
The company emphasized that its decision to expand to Singapore was encouraged by the positive approach of the Monetary Authority of Singapore (MAS) towards cryptocurrency regulation.
“As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness,” said head of Upbit’s Singapore Kim Kook-Hyun.
About Dunamoo and Upbit
Dunamoo is a subsidiary company of Kakao that runs KakaoStock, the most popular stock brokerage application and index in South Korea. Kakao entered the cryptocurrency market when Dunamoo launched Upbit in October 2017. Shortly after its launch, Upbit began dominating locally as the first crypto-trading platform in South Korea.
As Upbit grew, Kakao executives joined the Upbit team in order to lead the company on the world stage. In February 2018, Kakao’s communications director moved to Upbit to facilitate company growth.
Upbit Defying Bearish Times
On August 23, Yonhap News reported that South Korea’s largest crypto exchange, Upbit posted a $100 million profit in Q3 of 2018. Yonhap further cites data from the Repository of Korea’s Corporate Filings (DART) that shows Korea’s second-largest exchange, Bithumb, posted $35 million in profits over the same time period.
Upbit has seen a surge in trading volumes, up over 50 percent on the day, according to CoinMarketCap. As of September 19, the exchange is ranked 10th largest crypto exchange globally, seeing around $240 million in trades over the past 24-hours.
Details on New Exchange
According to Yonhap, Dunamoo already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact date of the Singapore exchange launch remains to be finalized, the firm told Yonhap that the service will go live as of early October.
Singapore’s cryptocurrency market seems ripe for growth, as the country openly announced goals to establish a strong crypto and blockchain sector. In an official statement, Dunamoo CEO Sigroo Lee explained his belief that Singapore will become a bridge between Korea and the global cryptocurrency exchange market:
“We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.”
Binance, the world’s largest cryptocurrency exchange, has also announced the launch of Binance Singapore earlier this week. The number of fiat currencies supported on the exchange is unknown, but speculators believe one of them could be the Singapore dollar.
“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”
Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.