The South Korean cryptocurrency exchange Upbit is planning to open new crypto exchanges in Thailand and Indonesia. As a part of its global expansion plan, the company recently opened a crypto exchange in Singapore that supports Singapore dollar. The Thailand Upbit exchange will offer more than 130 coins and 240 trading pairs whereas the Indonesian exchange will offer 156 coins and 276 trading pairs.
Cryptocurrency exchange Upbit marketing exchanges in local languages
As per the report, one of the largest cryptocurrency exchanges of South Korea is marketing its new exchanges in Indonesia and Thailand in their native languages. Upbit even recently set up a website for each of these exchanges. According to Upbit both countries are aware of the growth potential of the virtual currency industry.
Upbit stated, ?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.? Operated by Dunamu Inc, Kakao Corp?s affiliate, Upbit also has an affiliation with Bittrex, a U.S.-based crypto exchange. Incidentally, Kakao Corp is the operator of Kakaotalk, the most popular chat app of the country.
Dunamo planning overseas expansion
According to the report, the CEO of Dunamo, Lee Seok-woo is planning overseas expansion for Upbit which has a blueprint of becoming a global foreign exchange. It means that the South Korean exchange do not want to restrict itself to the domestic market but plans to reach all the major countries in the world in the years to come.
The front page of the Thai Upbit website asks the readers to get ready to meet the Thailand exchange soon. According to the exchange, currently, its service is in the beta phase and available only to limited early registrants. In May this year, the government of Thailand introduced regulations for cryptocurrency exchanges and trading. At present, the regulatory body is evaluating the number of applicants interested in operating in the crypto space.
Currently, one dealer and six crypto exchanges have received approval for operating in Thailand as the regulatory bodies review their applications. As compared to Upbit?s website for Thailand, the company is yet to fully develop a site for Indonesia.