South Korean fintech firm Dunamu, operator of the securities trading app Kakao Stock, has opened up its planned cryptocurrency exchange to users for beta testing.
Set up in partnership with the U.S.-based exchange Bittrex and currently in open beta testing mode, Upbit will support the trading of over 110 tokens from 171 different markets. Anticipated by Dunamu to be the largest cryptocurrency exchange in the country when fully launched, Upbit is set grow the number of cryptocurrencies that can be directly traded for Korean won, and will "gradually" add new digital currencies to the platform.
The open beta period, which kicked off yesterday, will enable users to access Upbit's services via Android and iOS platforms, as well as on desktop computers, according to BusinessKorea.
According to Song Chi-hyung, CEO of Dunamu, Upbit is aiming to offer services optimized to the domestic trading environment.
Open beta access is initially being provided to users who pre-registered via invitations sent out over the KakaoTalk app, BusinessKorea indicates. Other users will have to wait until the invitation period is over.
South Korea image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.