Upbit Launches In Two New Countries
Sometime this week, the largest cryptocurrency exchange based in South Korea, Upbit has reportedly begun marketing in new crypto exchange in Indonesia and Thailand.
This new step is part of the exchange’s global expansion plans. Not so long ago, the firm launched an exchange in Singapore. According to their website, over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges.
Well-known for being one of the largest cryptocurrency exchanges, it has been marketing new crypto exchanges in Thailand and Indonesia in their local languages, according to local media. The company has set up a website for each exchange. One publication called Edaily reported Upbit describing this past Friday that “Both countries appreciate the growth potential of the cryptocurrency industry.”
In addition, the exchange was cited by the news outlet stating, “Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”
Upbit is operated by Dunamu Inc., an affiliate of Kakao Corp. which operates the country’s most popular chat app, Kakaotalk. Upbit is also affiliated with U.S.-based exchange Bittrex.
CEO of Dunamu, Lee Seok-woo, has goals to expand his exchange overseas. The publication explained, “From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.”
On the homepage of the Thai Upbit website, the first thing you’ll notice is “Prepare to meet Upbit Thailand soon.” The exchange also states that its service is in “closed beta” phase and is currently available only to a limited number of early registrants. There will be 131 coins listed and 241 trading pairs.
Back in May, the Thai government legalized cryptocurrency. At the moment it is reviewing a number of applicants hoping to operate in the crypto industry. Nonetheless, Upbit’s Indonesian website is up to standard like that of the Thai partner. As stated on the website, up to 156 coins along with 276 trading pairs will be provided.
The message on the homepage translates, “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States.” It was in June when the Indonesian Futures Exchange Supervisory Board approved a decree to regulate cryptocurrencies as commodities.
Just a week ago, ZDNet, a well-known publication noted that the expansion to Indonesian and Thailand is Upbit’s attempt to increase its overseas user base. ZDNet stated, “Upbit is experiencing difficulties in increasing user because it has not been able to issue a new real-name account since January of this year. Upbit has said it plans to step up its overseas expansion, starting with Southeast Asia.”