Korea’s Biggest Messaging App to Launch Exchange with 100+ Cryptocurrencies

Dunamu is a startup in FinTech, Kakao Corporation’s affiliate and the operator of the Kakao Stock – South Korea’s famous stock trading app, has unveiled its plans to set off a fresh cryptocurrency exchange named ‘Upbit’.

Upbit is the newest kid on the cryptocurrency exchange block and with more features than ever and support of 111 different cryptocurrencies, this affiliate of South Korea’s biggest and most influential app, KakaoTalk, is set to be the next big thing.

KakaoTalk is used by over 93 percent of South Koreans and Dunamu recently said that Upbit is going to be the biggest exchange of digital currency in South Korea.

In collaboration with Bittrex, a US based cryptocurrency exchange; October will see Upbit put on a beta-type launch to test its capabilities.

Bithumb is only Korea’s biggest exchange by volume of trade and as data found on the website, Bithumb only has support for 7 cryptocurrencies.

A piece taken from an article by Korea Joongang Daily states that when the service is at its primary phase, Upbit will handle Bitcoin and other popular alternative coins, including Ethereum, Litecoin and Ripple with trading volume surpassing a particular amount. Its main aim is enabling trading 111 various tokens from 167 various markets.

Dunamu added that Upbit users are going to be able to make use of BitGo wallets, the multi-factor authentication of KakaoPay which has 14 million South Korean users and KakaoTalk. With all these features and usability, adopters of cryptocurrencies and traders are most likely to use this app the most – attracting attention and users to Upbit.

The Korea Joongang Daily also added that through offering more platforms for the purpose of transactions, Upbit plans to make cryptocurrency trading as simple as mobile transaction of securities. In fact, it has become a widely known stock exchange medium in Korea.

Kakao Corporation’s payments platform KakaoPay recently gained a two-hundred million dollar investment from Alibaba’s financial investment branch – Ant Financial. The Collaboration will enable all of Alibaba’s 450 million worldwide Alipay users to access KakaoPay’s services.