UpBit, largest South Korean crypto exchange to enter Singapore market
Dunamu, the operator of South Korea based cryptocurrency trading platform, Upbit announced the opening of Upbit Singapore next month. This news is reported on 19th September by Yonhap News, a local media outlet. Alex Kim, the CEO of Upbit Singapore has clarified in an official statement that local users of the platform can conduct trading of all the digital currencies.
These cryptocurrencies are actually incorporated in Bittrex platform that happens to be its partner exchange. A high level of security will be provided at the exchange having 24/7 supervision on a real time basis. He has mentioned about Monetary Authority of Singapore [MAS], the nation's central bank, which is involved in framing regulatory framework to manage crypto market space and about the government's positive signal towards establishing a blockchain and crypto domain in the nation. These two factors prompted the South Korean exchange operator Dunamu to take its first step towards Singapore.
Statements of Upbit Singapore head
In Kim's opinion, since Singapore has opened its arms for the setting up of businesses based on virtual currencies and blockchain technology, hence, crypto exchanges can get a boost to move ahead with blockchain projects. According to the statement of the exchange's Singapore head, "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."
Last year, the trading platform has backed fiat pairings against Korea's national currency, Won in South Korea's native crypto exchange market space. The presence of the robust banking institutional partners has made Upbit confident about the integration of Singaporean dollar. This will assist in maintaining people's inclination and demand for cryptocurrencies. In Kim's words, '“We are confident Upbit’s secure and convenient exchange service, combined with the ability to trade in Singapore dollars, as well Bitcoin, Ethereum, and USDT via Bittrex support will allow us to attract users and establish Upbit’s presence in the global market."
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