U.S. fintech rock-hard, Bittrex, and South Korean app developer, Dunamu, an affiliate of the country’s largest messaging toneel, Kakao, have teamed up to launch a fresh, massive cryptocurrency exchange toneel ter South Korea.
The fresh toneelpodium, called Upbit, will support the exchange inbetween more than 100 different cryptocurrencies, reportedly making it the largest aparente currency exchange ter South Korea.
Bithumb, which presently stands spil South Korea’s largest trading podium, only supports seven cryptocurrencies.
Dunamu is already well-known for its operation of South Korea’s most popular stock-trading app, Kakao Stock. The fintech startup is also an affiliate of the Kakao Corporation, which runs South Korea’s most popular messaging app, KakaoTalk, which is used by spil much spil 93 procent of the country’s population.
Upbit users will be able to use the KakaoTalk messaging and payment apps to conduct cryptocurrency trades on their mobiles. They will also be provided with BitGo wallets, which will be used alongside KakaoPay’s other features to increase account security.
The announcement of this partnership inbetween the American and South Korean companies is another development ter the aftermath of China’s post-exchange kerkban, which has caused cryptocurrency investors and traders to relocate to more crypto-friendly locales to escape taut regulations.
Te another significant development, Ant Financial, the financial branch of China’s tech titan Alibaba, invested $200 million te KakaoPay. This partnership will permit all of Alibaba’s 450 million universal Alipay users to build up access to KakaoPay’s services te Korea.
Alibaba’s partnership with the crypto-platform is particularly trascendental, because China, Alibaba’s huis country, recently banned bitcoin exchanges outright.
Nevertheless, the Chinese tech giant is now investing te a major international crypto-trading podium.
Alibaba’s involvement with KakaoPay is just one more example of how Chinese fintech companies are looking overseas to proceed their cryptocurrency dealings, spil they face major limitations at huis.