November 27, 2024

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[THE INVESTOR] Dunamu, operator of Korea’s leading cryptocurrency exchange Upbit, said its new Singapore exchange kicked off services on Oct. 30. 

Earlier in February, the firm set up Upbit Singapore and has been preparing for its debut. 

The exchange, serviced in English, offers Singapore dollar trading. It supports trading of 155 major cryptocurrencies, including Upbit’s US partner Bittrex’s Bitcoin, Ethereum and Tether. 

The exchange is headed by Alex Kim, who previously served as the head of Kakao Indonesia and managing director of Path -- which was bought by Kakao. 

“Opening an exchange in a country that nurtures the blockchain industry gives us a chance to lead related projects,” said Kim. “It will mark an important beginning to diversify the blockchain industry and obtain global competitiveness.”

The new exchange boasts safe and convenient trading from proven security technology and operational expertise by Upbit. Its dual wallet security service is provided by BitGo, a leading blockchain security firm. 

The firm picked Singapore as its first overseas destination, citing the city-state’s strong support for blockchain and related technologies. Upbit plans to enter more countries in a bid to take an upper hand in the budding industry. 

“In the future, we would like to add other fiat currencies and expand in other Southeast Asian countries,” Dunamu CEO Lee Sir-goo said earlier in September, adding that Upbit will continue to strengthen its partnership with Bittrex as it makes a foray into global markets. 

As part of the grand opening promotion, new users on the exchange can trade without a fee for a month until Nov. 28.

By Ahn Sung-mi (sahn@heraldcorp.com)