Kakao-affiliate Dunamu operates Upbit, one of the major South Korean crypto exchanges.
Dunamu is now planning to launch a new exchange based in Singapore next month. Yonhap News, a local media outlet, reported the news on September 19.
Singapore-based Exchange by Upbit
Yonhap reported that Dunamu already established a branch in Singapore in February this year. Furthermore, this was part of the organization’s active push to extend its operations across the Asian market.
Despite these statements, the company is yet to finalize the exact date for the launch of the Singapore exchange. However, the service is expected to go live in early October.
Kim Kook-hyun is the head of the existing Upbit branch in Singapore. He said:
“As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”
Current Market Trends
The exchange is currently the 10th largest crypto exchange globally, with around $241 million in trades over a 24 hour-period prior to going to press.
In addition, Kakao’s recent Semiannual Report established that the Upbit exchange defied the bearish global crypto markets and saw a $100 million profit in Q3 of this year.
A subsidiary of South Korea’s tech behemoth, Kakao runs Upbit. Furthermore, in May this year, the exchange came under scrutiny after authorities suspected faked balance sheets.
The company conducted an internal audit and released the results early in August. The results from the audit provided the necessary proof needed to vidicate the company of any wrongdoing.
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