KBS World Radio states,
“UPbit will trade over 110 different digital currencies including Bitcoin, Ethereum, Ripple, and Litecoin. In comparison, existing exchanges in South Korea trade around six to eight virtual currencies”.
Dunamu Inc., the owners of one of South Korea’s most popular payment application, KakaoPay, will be using the application for further security.
According to Bittrex Bill,
“I’ve had a few people ask about the UPbit partnership and which coins from Bittrex will be listed. We’re currently working on the list but obviously, any token needs to be on Bittrex first before being on UPbit. After it’s on Bittrex, UPbit will need to assess the Korean regulatory restrictions on the token. We’re still building the process. Once there is clarity, I’ll circle back and let everyone know.”
“Regarding UPbit, they are going to expose Bittrex order books through their site. We’re still working with them on which initial markets will be available.”
UPbit’s deal with Bittrex is significant, for Bittrex has built a highly popular exchange due to their consistent professionalism. Furthermore, Bittrex has been able to avoid major hacks to the exchange, unlike other platforms. Bittrex’s slow, but steady growth was noticed by crypto pundits alike and as a result, we saw Bittrex overtaking the once loved Poloniex exchange. Now, Bittrex is trading as the highest crypto-to-crypto exchange in the world.
South Korea has much to celebrate as of late with a string of good news coming from the country. The first being that the South Korean volume has increased in the cryptocurrency markets. South Korea’s biggest exchange, Bithumb, is constantly battling over the top spot with Bitfinex, US’s top fiat-to-crypto exchange, for highest volume. Furthermore, South Korea is also allowing their citizens to legally transfer Bitcoin overseas, which will give its citizens greater financial freedom. The latest news in regards to UPbit is only following the latest trend of good news.
There is speculation on why South Korea’s volume in the cryptocurrency markets is rising; some have claimed that the situation in North Korea has caused the spike as Bitcoin is considered a “safe haven” asset like Gold. This may be the case to some extent, however, South Korea’s volume has been steadily rising, even before the tensions, and has also been rising in other Asian regions like Japan and Hong Kong. Another likely scenario is that of capital flight; capital leaving China for a more friendlier Bitcoin environment. Ultimately, in the end, the winners will be the countries that allow the most financial freedom, for it is this freedom that allows Bitcoin enthusiasts to move coins to that region.
Just across the Yellow Sea is China, a once mammoth-sized figure in the Asian and International markets. After the recent surge with the government shutting down all exchanges in the county and banning ICOs, the current situation in China is bleak with citizens concerned over the future status of the currency. In the blink of an eye, owners of Bitcoin and other cryptocurrencies had their financial freedom stripped away for a more regulated market. It is now unlikely we will see China dominating the markets again in the future with such regime uncertainty surrounding blockchain technology.
The timing of China’s demise and South Korea’s rise is incredible. It is becoming obvious now that Bitcoin’s influence has spread beyond the walls of China, and that now we moving into a new era. All eyes are now on the new emerging cryptocurrency markets, South Korea, Japan and Hong Kong. It will interesting to see how the markets in South Korea will react to the UPbit platform, for it is the first platform selling a wide range of alternative currencies specifically marketed to South Korea. One could speculate that will may see more of these platforms forming as the cryptocurrency markets widen; specifically marketed to more niche markets.