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Dunamu, the operator of South Korean cryptocurrency exchange Upbit, is planning to open a cryptocurrency exchange in Singapore, CCN reported.
Called “Upbit Singapore,” the platform will be fully operational by October. In an official statement, Upbit Singapore CEO Alex Kim said that the company decided to Singapore as the regulatory authorities have a positive approach towards crypto regulation.
Upbit, which launched in beta in October 2017, has supported fiat pairings against the Korean won (KRW). The Singapore-based exchange will offer Singapore dollar trading as well as crypto-to-crypto pairs in three markets offered by Bittrex partner exchange, Bitcoin.com reported.
“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,” Kim said.
Dunamu CEO Sigroo Lee said that the company believes Singapore to be a bridge between South Korea and the global cryptocurrency exchange market.
“We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market,” Lee said.
Lee also said that the company intends to expand to other countries n Southeast Asia and add support for more fiat currencies going forward.
Earlier this week, Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume, also announced the launch of Binance Singapore, integrating fiat pairings against the Singaporean dollar.
