Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month.
Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month, local news outlet Yonhap News reports September 19.
According to Yonhap, Dunamu already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact date of the Singapore exchange launch remains to be finalized, the firm told Yonhap that the service will go live as of early October.
Kim Kook-hyun, head of Upbit's existing Singapore branch, is quoted as saying that:
"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."
Upbit has seen a surge in trading volumes, which are up 53.6 percent on the day, according to CoinMarketCap. As of press time, the exchange is ranked the 10th largest crypto exchange globally, seeing around $241 million in trades over the 24 hours to press time.
As previously reported, Kakao’s recent Semiannual Report has shown that Upbit defied the bearish global crypto markets to post a $100 million profit in the third quarter of 2018.