Upbit Moves To Singapore’s Crypto Market

Upbit Moves To Singapore’s Crypto Market

Dunamu has made the announcement that it will be launching Upbit in Singapore, which will be active by next month. Upbit is a subsidiary of Dunamu.

Positive Outlook On Crypto Sector

Alex Kim, who is the chief executive officer of the soon to be launched Upbit Singapore, in his official statements said that domestic Crypto users in Singapore will have the opportunity to trade in all the digital coins that are currently integrated into the Bittrex platform. He added that the platform will be fortified with a 24-hour monitoring of its security throughout a week in order to enhance its security.

Kim went on to say that the main reason Dunamu decided on expanding into Singapore was due to the positive outlook that the MAS (Monetary Authority of Singapore) has on cryptocurrencies and their regulations adding that the government’s dedication to creating a stable Crypto and Blockchain sector also contributed.

Binance’s Fiat Crypto Exchange In Singapore

Although Singapore has strived to come up with regulations that were favorable to the Crypto sector and crypto-based businesses it has not seen the market growth that nations like Malta, South Korea, Switzerland, and Japan have. In fact, the crypto sector in Singapore has even failed to see an increase in the daily trading volumes in its Crypto exchanges.

Going by Kim’s statement, Singapore has been very accepting and welcoming to Blockchain technology and businesses that are based on the Crypto sector, and that through this Crypto exchanges which are based in the nation have the opportunity to pursue projects that are in this sector.

Binance, which is currently the largest Crypto exchange in the world, also made the announcement that it will be launching a Binance in Singapore in this week that will integrate fiat pairings based on Singapore’s fiat currency. This will be the first time the company is undertaking such a project.

The Reason Upbit Decided On Singapore As Its First International Market

Upbit has already been active in the South Korean Crypto market supporting the pairing against Korea’s fiat currency the won since mid-last year. Upbit’s confidence in the integration of the Singaporean dollar shows that it has strong partners in the nation’s banking sector that can support it in satisfying the demand and interest that the Crypto sector has.

Kim said that the firm was confident of attracting more users and stamping its presence in the worldwide crypto market because of its exchange’s security and convenience coupled with its ability for trading in the Singapore’s fiat currency, Bitcoin, USDT and Ethereum.

Sigroo Lee, Dunamu’s CEO, has emphasized that the firm is confident that the Crypto regulations expected to be made by South Korea by the end of the year will be favorable to the Crypto sector saying that the firm saw that time had come for it to expand globally even though it was not very certain about the Crypto market in Korea. He added that the company was hopeful the regulatory guidelines made by Korea will create an environment where the competitiveness among Crypto-based companies can grow and thrive.

September 21, 2018

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Samantha Mitchell