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Upbit, the major South Korean cryptocurrency exchange operated by Dunamu Inc., has announced its plan to open a Singapore-based exchange next month using the country’s dollar trading. The exact date of the launch is still pending. However, Dunamu told local news outlet Yonhap that the service will go live in the early October.
During the Upbit Developer Conference in Jeju Island, Lee Sir-goo, the CEO of Dunamu, he said that the Upbit Singapore exchange will be serviced in English and offer Singapore dollar trading. It will also support crypto-to-crypto pairs, including Upbit’s US partner Bittrex’s bitcoin, ethereum and tether markets.
The company has already opened a Singapore branch office back in February and according to the news report, they have since been preparing for the exchange launch until their eventual announcement on 19th September.
Kim Kook-hyun, the head of Upbit’s Singapore branch, said “As Singapore has proactively supported blockchain technology, our advancement into the nation will helps us secure many chances to lead a variety of relevant projects and to have global competitiveness.” Currently, Upbit is ranked as the second largest crypto exchange behind Bithumb in South Korea with a 24-hour trading volume totalling at US$229 million. At the time of writng, Upbit has 271 cryptocurrencies listed.
Alex Kim, who was formerly the head of Kakao Indonesia, will be supervising the new exchange in Singapore.