The urge of digital currency is rising. Recently concern from radio station towards digital currency has created significant impact on crypto-concerning business. However, South Korea’s largest messaging platform “KakaoTalk” will be launching a brand-new cryptocurrency exchange.
Upbit project in a race to be the country’s largest crypto exchange
Fintech company of South korea – Dunamu which manages Kakao stock (one of the social trading app) is launching Upbit project. Though, this fintech company “Dunamu” is an affiliate of kakao corporation that manages KakaoTalk and Kakao stock where former one is used by majority of south Koreans.
The project will be starting in October as a beta version. The exchange is partnered with Bittrex which counts among the leading US cryptocurrency exchange. The partnership allows south Koreans/ users to trade certain cryptocurrencies that are being traded everywhere except in preexisting south Korean exchanges. In this regard, leading korea’s cryptocurrency exchange- Bithumb supports for just 7 cryptocurrencies.
Support for leading cryptocurrency
Upbit initially supports for bitcoin, Ethereum, ripple and litecoin. It further intents to trade 111 different tokens from 167 different markets.
BitGo wallets will be used for Upbit users with kakaoPay’s multi-factor authentication for security reason. They can further find integration among service and other kakao apps.
However, the statement from Upbit also adds “It intends to streamline the crypto trading as mobile trading of securities which has become south korea’s popular medium of stock exchange.