Dunamu expands to Singapore
September 20, 2018 9:14 am,
Dunamu, the parent company of Upbit a South Korean largest crypto exchange has released the statement of launch in Singapore and it will be fully functional in October. The Upbit CEO of Singapore told that all the local users will be able to trade all cryptocurrencies integrated by partner Bittrex with 24/7 monitoring and security and enhanced firewall system. Dunamu’s expansion to Singapore was encouraged by the positive approach of Monetary Authority of Singapore (MAS) towards cryptocurrency regulation and the vision of country’s government to establish strong crypto and blockchain sector. The launch is the 1st destination overseas and will have the same features as the South Korean platform which has the ability to trade crypto assets through a fast and user-friendly app.
Upbit has seen a surge in trading volume, which are up 53.6% and is ranked 10th largest crypto currency exchange globally.
“Singapore has openly embraced Blockchain technology and all the related business, which naturally leads to other opportunities.”
Fiat Exchange in Singapore
Despite many favorable crypto regulations, Singapore has fallen behind Malta, Switzerland, South Korea, and Japan. The crypto exchange market has struggled to see growth and exponential increase in the trading volume.
Binance, the world’s largest crypto exchange has also announced the launch in Singapore integrating the fiat pairing against the Singaporean dollar for the 1st time in company’s history.
Upbit, has supported fiat pairings against the Korean won in the local crypto exchange market. The confidence in integrating the Singaporean dollar demonstrates strong banking partners in the country that will be able to support demand and interest towards the cryptocurrency.
The CEO believes Singapore as a bridge between South Korea and the global crypto market. There are various uncertain regulatory actions for South Korea crypto market and until the 1st blockchain legislation is passed, uncertainties of the local market will not be clarified.