The large Korean crypto exchange has greenlighted the launch of Upbit Singapore, the event is to take place by October 2018. The CEO of the exchange, Alex Kim, has made it clear in his statement that customers will find it easy to trade all coins listed by Upbit with crypto assets of the partner exchange Bittrex, 24/7. The two exchanges have upgraded their security system that is expected to protect against hacker attacks.
Got regulators’ approval
The CEO underlined that the parent company decided to set up a branch in Singapore thanks to the positive stance of the local regulators regarding virtual coins and the government’s position to create a powerful Blockchain and crypto sector.
Asian crypto exchanges expanding to Singapore
Singapore has been lagging behind Switzerland, Malta and other countries where either the government is friendly to Blockchain and crypto or there are big crypto markets. However, now Singapore is actively adopting the technology of distributed networks and is developing various DLT projects.
Apart from Upbit, the largest crypto trader Binance has also launched Binance Singapore at the start of the week. It is offering trading pairs of crypto and the local dollar.
However, Upbit has been dealing with fiat-crypto trading for over a year and now it is also pairing digital coins against the Singaporean dollar. This confirms the fact that the exchange has strong partners among the country’s banks.
Why Singapore?
The top management team of Dumanu believes that Singapore can link South Korea and the global crypto trading market. Besides, it has been quite friendly towards crypto so far.