Korean fintech company Dunamu Inc., which operates a popular securities trading app called Kakao Stock, announced that it has started providing an open beta service for a cryptocurrency exchange called “Upbit” from October 24.
In order to launch Upbit, Dunamu signed an exclusive partnership agreement with the U.S. Digital currency exchange Bittrex, one of the largest digital currency exchanges in the world. The company claims that Upbit is the digital currency exchange that supports the largest amount of coins and markets in South Korea.
The cryptocurrency exchange platform enables the trading of 115 different tokens from 171 different markets. A market is a unit of trading markets that allow users to sell and buy cryptocurrencies. Upbit supports markets that can be traded with four main basic currencies including Korean Won (KRW), bitcoin (BTC), ethereum (ETH) and tether (USDT). For instance, users can sell and purchase digital currencies in Korean Won in the KRW market, while they can do so in bitcoin in the BTC market. Out of the four, the BTC market, ETH market and USDT market will be offered through Bittrex.
In the KRW market, users can only trade bitcoin in the early stage of open beta services. When users wants to trade other digital currencies, they can buy bitcoins in Korean Won and trade them in the BTC market. Upbit is planning to check the trade safety and expand the types of cryptocurrencies that can be directly traded in Korean Won during the open beta service period as well as gradually add new digital currencies.
During the open beta service period, all the functions of Upbit will be accessible through the Android and iOS platforms, as well as on desktop computers through its website. The service will be first offered to pre-registered users who receive invitation to first trading. The invitation has been sent to the Kakao Talk account of participants in the order of making advance reservation. The participants can deposit and withdraw money and make transactions first after they meet the security requirements that are needed for trading. Those who haven’t pre-booked will be able to access Upbit after the invitation for pre-booked participants is completed.
Upbit has established the world-class security environments. In order to support safe virtual currency trading, it has cooperated with global leading security partners, and adopted Bitgo’s double wallets that are trusted by numerous global exchanges for added wallet security. In addition, Upbit has consulted Theori, which is a four-time winner of world’s most well-known DEF CON hacking finals, for security.
Dunamu Chief Executive Song Chi-hyung said, “With the partnership with Bittrex, we are not only able to support the largest number of digital currency trading services but also have addressed problems such as inconveniences of existing Altcoin investment, time delays and complicated account management. Starting with the open beta service, we are planning to provide services that are optimized to domestic trading conditions.”