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Dunamu, the operator of South Korean cryptocurrency exchange Upbit, is planning to launch a comprehensive over-the-counter (OTC) trading platform for unlisted securities.
In a press release, the Kakao-backed firm said that the platform will be launched in collaboration with brokerage firm Samsung Securities and big data analytics company Deep Search by the end of October.
The one-stop platform will help resolve information asymmetry, enhance the security of transactions and lower the cost to investors, the Korea Herald reported.
Dunamu is responsible for planning and developing the platform. It will provide necessary information based on the experience gained from operating its existing stock trading app, “Stock Plus.”
Samsung Securities, on the other hand, is tasked with ensuring safe trading, while Deep Search will be responsible for discovering and analyzing new firms based on company information, news and patents over the past 30 years.
Dunamu said that the upcoming platform will not only provide a source of organized data about unlisted securities, but also facilitate communication between buyers and sellers, allowing them to confirm transactions and negotiate share price.
“Most unlisted stock transactions in South Korea are made via online community bulletin boards and offline trades, leading to uncertainties surrounding the parties’ identities and the information needed in the investment,” Lim Ji-hoon, Dunamu’s chief strategy officer, said.
“We will make efforts to provide an innovational investment for all unlisted stock investors and sellers by continuing the development of the platform based on our experience of operating Stock Plus.”
At the time of launch, the platform is expected to allow 4,000 firms to trade their unlisted shares. The three companies plan to introduce blockchain technology to the platform in the first half of 2020, which will help automate the entire process of verifying the identities and processing of the transactions.
Dunamu has invested $46 million in 26 companies over the past year as part of its 3-year plan to invest approximately $84 million into the blockchain industry. Earlier this year, it announced the launch of a consortium-based blockchain service platform Luniverse, which will help IT companies and start-ups to develop blockchain-based services that they lack resources to set up on their own.
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