Upbit, found online at Upbit.com, is a Korean cryptocurrency exchange that just launched. Find out everything you need to know about the platform today in our review.
What Is Upbit?
Upbit is a new Korean cryptocurrency exchange. The exchange was launched by Korea’s biggest messaging app developer, Kakao. At launch, the platform will offer trading of 111 altcoins.
The exchange was announced on September 27, soon after Korea passed China in terms of total bitcoin trading volume.
There’s a reason Upbit’s upcoming launch is a big deal. Kakao Corp is more than just an internet giant. The company’s Kakao Talk app is Korea’s most popular messaging app by far. Kakao also offers Korea’s second most popular search engine, Daum, which sits just behind Naver in terms of overall volume.
Other services offered by Kakao include a taxi app similar to Uber, a music streaming service, a YouTube-like video sharing platform, and a popular mobile gaming network.
The company also offers Kakao Pay, which is the second largest mobile payment system in South Korea behind only Samsung Pay.
To launch Upbit, Kakao Corp teamed up with American exchange Bittrex, which is one of the world’s largest cryptocurrency exchanges.
Another unique feature of Upbit is the ability to trade currencies via the Kakao Stock platform, which is built on the Kakao Talk messenger. That means Korean cryptocurrency users will be able to trade cryptocurrencies as easily as they use the Kakao Talk messenger app.
How Does Upbit Work?
Upbit is expected to offer functionality similar to Kakao Stock. Users will be able to interact with the platform over their mobile device, similar to how they already interact with Kakao Stock.
However, the ultimate goal of Upbit is to allow trading of 111 different cryptocurrencies from 167 different markets. They also plan to be South Korea’s largest digital currency exchange, surpassing existing exchanges like Bithumb, which typically sits in the top 5 in terms of worldwide trading volume.
Upbit will be available for iOS and Android. Users will also be able to access it on desktop computers through any standard web browser.
In addition to offering cryptocurrency trading services through an exchange, Upbit will give users coin investment guides, altcoin analysis information, and other information.
There will also be an internal Bitgo wallet available to users. Plus, users can use Kakao Pay – the mobile payment solution created by Kakao – for added security.
What Does South Korea’s Government Think Of Bitcoin?
China’s cryptocurrency market was exploding with growth until the government essentially shut it down. Could South Korea’s government take a similar approach?
So far, the government has seemed happy to allow bitcoin pioneers to operate. However, the Korea Fair Trade Commission has recently decided to introduce legislation to the marketplace. They’ve adjusted digital and financial laws, for example, to accommodate bitcoin. They’ve also introduced bitcoin-specific anti-money laundering amendments to existing acts of parliament. Both of these decisions came as a shock to bitcoin users in the country.
Regulars have also indicated they will “punish” certain types of initial coin offerings, or ICOs, although it’s not clear if they plan to ban ICOs outright.
Another thing investors need to know about the future of South Korean bitcoin is that there are some reports that the Korean Communications Commission and the Ministry of Science and ICT will begin on-site inspections at bitcoin exchanges in South Korea. However, these reports have not yet been confirmed.
Despite these regulations, bitcoin continues to boom in South Korea. South Korea’s cryptocurrency market is now the third largest in the world, trailing only the United States and Japan. Blockchain technology companies have also sprung up across the country, and bitcoin continues to skyrocket towards mainstream acceptance across the peninsular nation.
Upbit Release Date
Upbit has not yet announced its launch date. However, you can visit Upbit.com to sign up for the company’s newsletter and stay up-to-date on the latest information regarding the exchange.
Alternatively, we’ll have a full review of Upbit.com when the South Korean exchange launches in the future.
When a company of Kakao’s size and influence announces plans to launch a cryptocurrency exchange, it’s a big deal for the community inside and outside of South Korea. Kakao Corp is an internet giant, to say the least. Clearly, they see a future for bitcoin in South Korea. Kakao’s Upbit exchange could move cryptocurrency significantly closer to mainstream adoption across the country.