Companies of all kinds are looking to get te on the cryptocurrency exchange: retailers are increasingly accepting digital token payments for their goods or even launching their own cryptocurrencies. Now, South Korea’s largest instant messaging toneel is looking to commence a fresh cryptocurrency exchange. An affiliate company of Kakao will commence Upbit, an exchange with support for more than 100 digital currencies.
Upbit to be the Largest Supuesto Currency Exchange ter the Country
Dunamu, the South Korean fintech company which operates the social trading app Kakao Stock, has recently accounced plans to launch the Upbit project, according to CryptoCoinsNews. Dunamu is an affiliate of Kakao Corporation, which oversees the popular messaging app KakaoTalk spil well spil the stock trading Kakao Stock. KakaoTalk is used by a whopping 93% of South Korea’s population.
Upbit will start spil a beta launch beginning ter October thanks to a partnership with the U.S.-based digital currency exchange called Bittrex. Through the partnership, Upbit will enable users to trade certain cryptocurrencies which are found elsewhere te the world but not te preexisting South Korean exchanges. By comparison, Bithumb, presently Korea’s largest cryptocurrency exchange by measure of trading volume, offers support for just seven cryptocurrencies.
Bitcoin and Other Major Coins to Begin
Korea Joongang Daily reports that “during the initial stage of the service, Upbit will mainly treat bitcoin and other major alternative coins such spil ethereum, ripple and litecoin with trading volume exceeding a certain amount. The platform’s ultimate objective is to enable the trading of 111 different tokens from 167 different markets.”
Upbit users will be suggested BitGo wallets to use alongside KakaoPay’s multi-factor authentication te order to provide account security. Dunamu has also suggested that Upbit users will find integration inbetween the service and a number of other Kakao apps. “By suggesting more platforms for transactions, Upbit says it aims to make cryptocurrency trading spil effortless spil mobile trading of securities, which has become a popular medium of stock exchange te Korea recently,” added the news report.
This comes at the same time that Kakao Corp’s mobile payments service KakaoPay witnessed a boost of $200 million via an investment from Ant Financial, an investment wing of Alibaba. Through this partnership, Alibaba’s Alipay will provide access to KakaoPay’s services ter South Korea. This could potentially introduce another 450 million users to Kakao’s services across the globe. The listig to the Korean service may be especially enticing to Alibaba’s Chinese customers, spil the Chinese government recently announced plans to disband all domestic cryptocurrency exchanges with an aggressive timeline. Hong Kong has previously bot seen spil a beneficiary of the business, which is likely to be shifted considerably, albeit South Korea could also benefit spil well.