Dunamu, a leading fintech company in South Korea and operator of local crypto exchange Upbit, plans on diversifying into the Singapore Crypto Exchange market come October.
According to reports from local media outlet Yonhap, Dunamu aims to take dominance of the Asian Fintech Industry. The firm had already made an entrance into the Singapore market in early February by opening a branch office in the heart of the country.
Why Singapore?
Singapore is one of the most blockchain and crypto-friendly countries in the world, and this has attracted many blockchain-related projects.
“As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects, and to have global competitiveness,” said Kim Kook-Hyun, head of Dunamu Singaporean branch office.
Upbit’s Singaporean Crypto Exchange
There is no official date for the launch of the exchange. However, Dunamu told reporters that services on the exchange platform would go live around early next month, and will be headed by Alex Kim, former head of Kakao Indonesia.
Services on the platform will be in English, and the exchange will reportedly offer trading in Singapore dollar, crypto-to-crypto pairs, including Upbit’s US partner Bittrex’s Bitcoin, Ethereum, and Tether market.
The firm also promised to diversify into other Asian countries, and also add support for other virtual currencies on the exchange in the future.
More Crypto Exchanges in Asia
The Asian crypto exchange market is one of the most profitable markets in the region. Last month, Upbit reportedly released a financial statement of its trading activities in Q3 2018 generating a profit of USD 100 million despite allegation in May of the exchange’s involvement in corrupt practices.
In July, Line, Japanese messaging app, opened its crypto exchange platform in Singapore, while Coinone launched operations in Indonesia last month.
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