South Korea’s 2nd largest and the world’s fifth largest cryptocurrency exchange, Upbit, has announced the launch of the countries very first domestic cryptocurrency index.
Korea’s Very first Domestic Index
Dunamu, the holding company that wields Upbit announced on March 22 the commence of its fresh cryptocurrency index the UBCI (Upbit Cryptocurrency Index).
Spil reported by Business Korea UBCI has bot ter the works since the launch of the Upbit exchange ter October of 2018 with a purpose of advising regional investors on how to trade ter the market spil well spil becoming a standard index internationally.
UBCI will measure four indices of the market based on long-term transaction gegevens pulled from the Upbit exchange spil goes after:
- Market index – will be a market cap that will permit investors to measure the progress of all coins quickly.
- Sector Index – will classify coins ter each sector.
- Bitcoin Index- Will go after the progress of Bitcoin prices.
- Strategy Index – Will be an indicator that will measure trade profits ter accordance with an investment rule.
Upbit plans to launch the UBCI market, sector and Bitcoin indices te April while the strategy index will come zometeen.
Song Chi-Hyung grew Upbit ter October 2018 from Dunamu which he began te 2012 spil a news aggregator but pivoted to FinTech while still te its early days. Ter 2013, he allied with Kakao to create KakaoStock, a mobile stock trading app that boasts some 300,000 users.
Ter October 2018 Dunamu along with Kakao again partnered with US-based Bittrex to create Upbit. Te just three months Upbit had topped the completo trade market by treating an media daily trade volume of $Four.7 billion and a record of $11 billion ter just one day. Upbit resumes to rank among the worlds largest exchanges ter the third largest market for cryptocurrency trading globally.
Chi-Hyung Likens Crypto to Fiat Market
Spil his very first company Dunamu wasgoed rooted te the trading news of the traditional stock market Song is convenient comparing the Fiat and cryptomarket when commenting on the launch of UBCI
“The present situation of the cryptocurrency market is fairly similar to the traditional financial market based on stocks and bonds te its early stage … accordingly, spil the market gets more sophisticated, the UBCI is expected to play an significant role ter this area te the future. Wij will also disclose the index rulebook and let the market evaluate it before long,” said Song.
The Korean cryptocurrency market is one of the three largest ter the world but exchanges ter place are still awaiting finalization on how the government plans to regulate the industry. Since rumors of a total geobsedeerd came post-market correction ter December 2018 the government has announced it may adopt a licensing proefje similar to that of Fresh York.