The South Korean Dunamu cryptocurrency exchange is planning to launch a virtual currency exchange in Singapore in October this year. Dunamu runs Upbit, local exchange with a branch set up in Singapore in February 2018. The platform wants to tap the Asian cryptocurrency market and is aggressively pushing to venture into new markets.
The head of Upbit branch, Singapore, said that the officials have yet to decide on an exact date for the launch however the cryptocurrency exchange will become available for trading from early October this year. According to the head of Upbit, Singapore, Kim Kook-hyun,”As Singapore has proactively supported blockchain technology; our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”
Dunamu to expand business overseas
The South Korean fintech firm is keen to expand its business overseas and venturing into the Singaporean crypto market is one step in that direction. According to Dunamu, it chose Singapore as its first destination for overseas expansion as it has strong support for both cryptocurrency and blockchain.
The features of Dunamu’s exchange in Singapore will include crypto assets trading in collaboration with Bittrex, the partner of Dunamu, enhanced security with a firewall system, and 24/7 security monitoring. Another important feature of the exchange is tha tis is a user-friendly and fast mobile app.
Dunamu planning to add additional countries and fiat currencies
The South Korean company is planning to add more fiat currencies and establish its ventures in additional countries, especially in Southeast Asia region. With this expansion, Dunamu wants to take the lead among the rising global virtual currency companies. According to the CEO of Dunamu, Sirgoo Lee, the company felt that it was the right time to expand globally despite the various uncertainties surrounding the market of South Korea.
Lee further added that connecting the real economy to digital assets is the main role of a cryptocurrency exchange. He believes that Dunamu can serve as the bridge between the global and South Korean market.
South Korea favors blockchain technology but is strict against speculative transactions of virtual currencies.