Nov 3, 2018 at 08:05
Nov 3, 2018 at 08:05 UTC
South Korean Crypto Exchanges Expanding their Global Reach
South Korean cryptocurrency exchanges are expanding their reach. In recent time, three of the largest cryptocurrency exchanges of Korea have announced that they will expand overseas.
Cryptocurrency exchange Upbit launched a crypto exchange in Singapore with 156 coins and 221 trading pairs. Coinone also established a cryptocurrency exchange in Malta, and Bithumb recently announced the launch of a security token platform in the United States.
On 30th October Kakao-backed cryptocurrency exchange Upbit announced the official launch of its Singaporean exchange. Upbit is operated by Dunamu Inc. which is a partner of United States based exchange Bittrex. In September the Chief Executive Officer of Bunamu, Sir-goo announced that Upbit would expand its global reach in a partnership with Bittrex. Currently, 156 coins and 221 trading pairs are listed on Upbit. Upbit Singapore supports trading in Bitcoin, Ethereum, SGD, and USDT. The exchange clarified that any user with clear identity verification could use the Upbit Singapore. The newly launched Upbit Singapore is headed by the former head of Kakao Indonesia, Alex Kim.
CoinOne the cryptocurrency exchange launched its crypto exchange CGEX in Malta on 29th October. According to CoinOne,
“The new global crypto-crypto exchange will share its order book with Coinone’s new BTC market … CGEX provides stable liquidity to investors by integrating with Coinone Korea, Indonesia, and others under the Coinone brand.”
In the first month of the opening, the cryptocurrency exchange is not charging any commission from its users.
Recently BTC Wires reported the partnership of Bithumb with an American fintech company, SeriesOne in order to open a security exchange in the United States. As per the agreement, Bitthumb will invest to scale technical development and marketing. According to a SeriesOne,
“Bithumb and Seriesone will form a joint venture intended to create a new exchange in the United States that will offer a compliant marketplace to trade security tokens, subject to receipt of SEC, FINRA and other applicable regulatory approvals.”
Recently SeriesOne has appointed Kaine Kim as the managing director of its South Korean operations and head of Asian operations. Kaine Kim is a former deputy director of South Korea’s Financial Services Commission.
On 11th October Bithumb sold more than 38% of its ownership to BK Global Singapore based blockchain consortium for $350 million. BK Global is a plastic surgery medical group in Singapore. Majority of the investors are optimistic about the deal as every large cryptocurrency exchange is now operated by the leading conglomerates. It is a recent trend.