By
Bena Ilyas
April 17th, 2024
South Korea’s Kakao Corp. announced providing beta period for cryptocurrency exchange, called Upbit, as results of partneship with
South Korea’s Kakao Corp. announced providing beta period for cryptocurrency exchange, called Upbit. This cryptocurrency exchange was launched due to the partnership with U.S. currency exchange Bittrex, one of the largest digital currency exchanges in the world.
Kakao Corp. is South Korean company established in 2014. Today Kakao Corp. is an internet giant that provides services in software, financial and even entrainment sphere.
Kakao Talk, Korea’s most popular messaging app with more than 200 million users globally, was launched by Kakao Corp. Kakao Talk is now installed on over 95% of mobile phones in South Korea.
The company also owns Kakao Pay, which is the second largest mobile payment system in South Korea after Samsung Pay.
Moreover, Kakao’s services include a taxi app similar to Uber, a music streaming service, a YouTube-like video sharing platform, and a popular mobile gaming network.
Surely, experience in creation of such popular app as Kakao Pay and Kakao Talk and collaboration with Bittrex helped Kakao corp to launch cryptocurrency exchange that would support the trading of over 115 tokens from 171 different markets.
The main peculiarity of Upbit is possibility to trade different cryptocurrencies directly for Korean won (KRW). Previously if users planned to buy cryptocurrency (not bitcoin) they primary had to buy bitcoins in KRW market.
The open beta period will allow users to use Upbit’s services via Android and iOS platforms, as well as on desktop computers. Only users, registered according to received invitations, can have access to Upbit open beta services. The first news about Upbit launching appeared in September 2017, according to which pre-registration for Upbit started on September 25.
Cryptocurrency exchange Upbit will help Kakao corp to maintain its leading position in South Korea and enter international digital market.
“With the partnership with Bittrex, we are not only able to support the largest number of digital currency trading services but also have addressed problems such as inconveniences of existing Altcoin investment, time delays and complicated account management. Starting with the open beta service, we are planning to provide services that are optimized to domestic trading conditions,” Song Chi-hyung, Chief Executive of Dunamu, Kakao Corp sub-company, said.