Singapore’s Bitcoin Market is Booming with Korea’s Upbit Crypto Exchange Expanding in the Latest of Many Moves
Upbit will officially be in Singapore starting in October. Dunamu, a parent company of Upbit, which is the largest crypto exchange in South Korea, has recently stated that the company would be in the country.
The CEO of Upbit Singapore will be Alex Kim, which has explained in an official statement that the Singapore-based users will have the ability to trade all the cryptos that the company lets other people trade 24/7 with real-time security and advanced firewall systems.
He has also affirmed that the decision to go to Singapore was mainly because the Monetary Authority of Singapore (the central bank of the country) was very positive about cryptocurrency and was fighting for a positive regulation in the country, which will enable the company to set up shop there.
Dunamu had already set up a branch office in the country as part of an active push into the Asian market and now will be Upbit’s time. While there is still not a certain date for the exchange to start operations in the country, the service will go live in October.
The Dunamu CEO believes that the company can be a good way to bridge the crypto market of South Korea and Singapore with the global market. Also, there are several uncertainties surrounding exchanges in South Korea right now, so many investors are afraid of negative changes that can impact business in the country and Singapore has been a considerably positive country for cryptos so far.
According to him, the company is fully confident that it will meet the regulatory guidelines established by both countries but being in Singapore is good for many reasons. One of these reasons is that expanding globally is a necessity for big companies.
Also, crypto exchanges are a way to connect the real world assets with cryptos, so the CEO believes that this will help the company and the countries.
Fiat Exchange In Singapore
Singapore might be a favorable company for crypto-related business but it is still behind some countries like Malta, Switzerland, South Korea and Japan. The exchange market has struggled to increase its volume in Singapore despite the favorable reaction from the government and regulators.
Because of this, the country is a good market. It has openly embraced the blockchain but it has not yet developed its full potential yet as many exchanges based in the country are still not taking the whole market to the next level.
Some other important companies like Binance are also eyeing Singapore. The company has recently announced Binance Singapore as the newest branch of the company and it will pair the Singaporean dollar for the first time in the history of the company.
Upbit is planning to do the same. The company has already made pairings against the Korean won in the local version of the exchange and it is trading with them in the South Korean marketing since the middle of last year. The company is very focused on integrating the Singaporean dollar to its markets and will face Binance directly when entering the country.
The executives are confident that they will offer a convenient and secure service and that Singapore dollar, Bitcoin, Ethereum and USDT will allow them to attract users from the global market there.
Upbit is the main cryptocurrency exchange in South Korea. The company has recently seen a surge in trading volume, possibly because of the news. The exchange is up 53.6% day and it is now the 10th largest exchange in the world globally with about $241 million USD in trades over 24 hours. The company has defied the bearish sentiment and continued to grow despite the market shrinking.