Upbit, largest crypto exchange in South Korea would be launching its operations in Singapore soon, as announced by Dunamu, parent firm of Upbit.
Alex Kim, Upbit Singapore CEO stated officially, that the users in Singapore would be having complete access to all the digital asset pairs incubated by their partner exchange Bittrex with enhanced security and firewall.
This particular adoption of popular exchange’s incursion into Singapore is due to the positive approach of Monetary Authority of Singapore (MAS) for cryptocurrency sector and their right forth attitude towards adoption of blockchain by the government sector.
Fiat Exchange in Singapore
Despite having such favourable ambience for cryptocurrency technology, Singapore has been quite lagging in market growth when compared with the likes of Switzerland, Malta, South Korea and Japan.
Alex Kim, suggests that the open adoption of cryptocurrency and blockchain tech by Singapore would surely lead the country’s exchange sector intrusion into various exciting opportunities.
For example, Binance, also announced recently regarding Binance Singapore, which would primarily integrate fiat pairings against Singaporean Dollar.
Upbit has been doing something similar with Korean Won in their native South Korean Market. Upbit’s decision of integrating Singaporean Dollar strongly hints towards the kind of banking alliances it has in Singapore who can quench their huge demand in ad hoc basis.
As Alex Kim states,“We are confident Upbit’s secure and convenient exchange service, combined with the ability to trade in Singapore dollars, as well Bitcoin, Ethereum, and USDT via Bittrex support will allow us to attract users and establish Upbit’s presence in the global market.”
Why is Upbit in Singapore?
Sigroo Lee, Dunamu’s CEO, believes Singapore to act like a bridge between Korea and Global crypto exchange market.
As of now, South Korea’s cryptocurrency industry is plagued with many regularity issues which awaits the country’s first crypto and blockchain legislation, expected to release by late 2018.
Having said that, with firms like Upbit and Binance in the race to enter Singapore exchange market, it seems like these firms have placed strong faith on the country wide adoption of cryptocurrency and Blockchain.