Report: Korea’s Largest Messenger App Launching Exchange With 110+ Cryptocurrencies

September 25, 2017 10:43 pm Published by

Next month, South Korean fintech company Dunamu Inc. will beta launch a cryptocurrency exchange called “Upbit,” Bitcoin.com reported Monday.

News.bitcoin.com first reported the planned cryptocurrency exchange launch back in August, the report said.

The company told Bitcoin.com Upbit will be the largest digital currency exchange in South Korea, the report said.

Dunamu is affiliated with Kakao Corp, the company behind Kakao Talk, Korea’s top smartphone messenger app with more than 200 million worldwide users since its launch in April 2012, Bitcoin.com reported.

In fact, the report said, Kakao Talk is installed in more than 95 percent of smartphones in South Korea, the report said.

In addition to Kakao Talk, Dunamu also operates a popular securities trading app called Kakao Stock, a social trading service based on Kakao Talk, the report said.

Upbit will be accessible through both the Android and iOS platforms, as well as on desktop computers through its website, the report said.

The service will also offer coin investment guides with analyses of various altcoins, the report said.

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 began on Monday, Sept. 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.

In order to launch Upbit, Dunamu signed an exclusive partnership agreement with the U.S. Digital currency exchange Bittrex, which supports more than 190 cryptocurrencies, according to its website.

Initially, Upbit will offer the trading of more than 110 cryptocurrencies, KBS World Radio, detailed.

Upbit, the report said, will trade more than 110 different digital currencies including bitcoin, ethereum, ripple and litecoin – compared to existing exchanges in South Korea, which 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 Upbit will eliminate these problems and will therefore “raise the domestic virtual currency trading environment to a world-class level.”

WN.com, Jack Durschlag

 



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