Upbit does not seem to be caring a lot about the cryptocurrency bear market, because the company is set to be the protagonist of a big expansion. The largest exchange in South Korea is now aiming to reach the same status in the Indonesian market now, as the company is planning a launch in the country.
According to the executives, Indonesia is a country with a huge potential for the crypto market and the region was not yet fully explored, therefore, the future is there. At the moment, Upbit already works in its main country, South Korea and Singapore.
The CEO of the company, Alex Kim, has affirmed that the new market has a lot of potential for growth as well as helping the company to grow and that the whole team is optimistic about the prospects of being in a new country and helping the local investors to achieve their goals.
Upbit Promotes Expansion With An Airdrop
In order to call out for everybody’s attention during the launch, Upbit is making a huge airdrop of 250,000 ICON (ICX) tokens for the 2500 customers that sign in the company’s new area.
To be eligible for the airdrop, the person has to be also eligible for participating in the exchange, according to the local law of the country and to pass in the whole Know Your Customer verification process. The money would be airdropped directly into the Upbit wallet of the new customer.
Controversies In South Korea
However, some people are affirming that the exchange is doing it mostly because it was caught on wash trading by the South Korean police and the idea is not only for expansion but also to move their business to another country.
The police investigation is still going on and skeptics believe that entering a new territory may be a part of an exit strategy in case things really go sour in South Korea.
According to official reports, Upbit denies all the wash trading activities and it claims that it has done any of them, imaginary orders of fraudulent trading at all. However, in case the company is not as clean as it claims, the executives should be aware of all the risks involved.
Upbit was only launched in 2017, back when cryptos were starting to rise into the mainstream for the first time, but the company already has quite a history in the market. Its average trading volume is $84,768,693 USD daily and it is currently the 34th largest exchange in the world, according to CoinMarketCap.
According to the CEO, the company is the largest cryptocurrency exchange in South Korea and one of the most secure ones. Since its launch, the company holds one of the highest volumes in trading in the country.