How South Korea is Adopting Cryptocurrency?
One of South Korea’s largest messaging applications, Kakao, is poised to launch a new cryptocurrency exchange they are calling Upbit. The app will support and have the ability to trade around 110 different cryptocurrencies.
A start up in the country known as Dunamu, who also operates the most successful stock trading app within the country, has stated to the public, their plan to launch a new exchange they will call Upbit. Dunamu, who is a partner of the larger Kakao Corporation, made a statement during the last half of September that they would be launching a virtual currency exchange.
The app will be tested and launched as a beta version this October, which will follow a partnership between the South Korean company and the U.S. cryptocurrency exchange, Bittrex. The partnership holds the hopes that the people will be able to buy cryptocurrencies they otherwise couldn’t without the application. There are currently seven cryptocurrencies that can be traded on Bithumb, which is Korea’s largest cryptocurrency exchange.
A Korean news company stated on the subject that “during the initial stage of the service, Upbit will mainly handle bitcoin and other major alternative coins such as ethereum, ripple and litecoin with trading volume exceeding a certain amount. The platform’s ultimate goal is to enable the trading of 111 different tokens from 167 different markets.”
They have also stated that the wallet’s their consumers use will be BitGo wallets, which come with a multi-factor authentication system for a solid amount of security.
The report further added that “by offering more platforms for transactions, Upbit says it aims to make cryptocurrency trading as easy as mobile trading of securities, which has become a popular medium of stock exchange in Korea recently.”
The hopes are high that the cryptocurrency industry can continue to be adopted widely across the world.