Crypto Exchange Upbit Operator To Open Crypto Exchange In Singapore

Announcements, News | September 19, 2018 By:

Dunamu, operator of South Korean crypto exchange Upbit, is planning to launch a digital currency exchange in Singapore next month.

In February of this year, Dunamu, an affiliate of South Korean chat giant Kakao, set up a branch in Singapore as part of its active push to expand across the Asian market. The firm said it picked Singapore as its first overseas destination because of the coutry’s strong support for blockchain and related technologies.

“Now that Singapore proactively supports blockchain technology, our progress in the nation will help us secure many opportunities to lead a variety of relevant projects and global competitiveness,” said Kim Kook-hyun, head of Singaporean branch of Upbit.

The Singapore-based exchange will be serviced in English and offer Singapore dollar trading. While the exact date of the launch remains to be finalized, Dunamu said the service will be available starting early October. The company is also planning to enter more countries in the future.

“We don’t want to lose out on the opportunities now,” Dunamu CEO Lee Sir-goo said. “If we wait until the Korean crypto exchange environment improves, we could lag behind our global competitors.”

Last week, Lamda256, Dunamu’s blockchain research unit, introduced a blockchain tool that lets developers build various dApps and run token economy systems in an easier and faster manner. Called “Luniverse,” the tool includes the main blockchain “Luniverse Network” and a sidechain service linking to the ethereum public blockchain network.