Crypto exchange UPbit’s operator, Dunamu revealed on September 19 its plans to launch a new exchange in Singapore in October. The previous head of Kakao Indonesia and managing director of Path, Alex Kim will be leading the new exchange.
Dunamu picked Singapore as its destination owing to its strong support for blockchain and related technologies. In order to gain an upper hand in the budding industry, the UPbit exchange plans to penetrate into more countries. Dunamu CEO Lee Sir-goo said that they don’t wish to lose out on the opportunities available presently.
The UPbit Singapore exchange will offer Singapore dollar trading and will be serviced in English. The exchange will also support crypto-to-crypto trading pairs that include Ethereum and Tether market and UPbit’s U.S. partner, Bittrex’s Bitcoin. Lee added that in future they would like to add other fiat currencies and expand in other Southeast Asian countries. Lee also reiterated that the exchange won’t be creating its own cryptocurrency like its rivals Huobi or Binance.
Crypto exchange UPbit as part of its launching promotion will be offering users the opportunity to trade without fees for a month in the Singapore dollar market. This will be offered to users who complete their self-certification and subscription. Apart from this, users who will be making a deposit of SG$500 and maintain the balance will be offered an airdrop of 500,000 ICX, as stated in The Investor report.
UPbit presently ranks as the 10th largest crypto exchange in terms of trading volume. As per the Kakao Semi-annual report, the platform posted a $100 million profit in the third quarter of 2018.
Last month, the exchange disclosed the results of the independent audit that it had ordered in order to prove its credibility. In May, local authorities seized its servers owing to suspicions of price and balance sheet manipulation, as stated in the Cryptovest report.
Crypto exchange UPbit operator, Dunamu recently announced that is blockchain research unit has created a new blockchain developer tool known as Luniverse. This tool will allow anyone to develop decentralized applications (DApps) and run token economy systems in a faster and simpler manner, as mentioned in the Block Tribune report.
The post Crypto Exchange UPbit Operator, Dunamu To Open New Exchange In Singapore appeared first on OWLT Market.
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