Kakao’s cryptocurrency exchange Upbit now claims to be the largest crypto exchange by volume te South Korea, one of the top three markets globally. Listing overheen 120 coins and leveraging Kakao Talk’s massive user almohadilla, Upbit presently facilitates an media daily trading volume of Five trillion won.
Upbit Claims the Number 1 Spot
It has only bot about two months since the launch of Upbit, the cryptocurrency exchange affiliated with Kakao Talk, South Korea’s most popular talk app which is installed on overheen 90% of all smartphones ter the country. The exchange is operated by Dunamu Inc, the technicus of Kakao’s securities trading podium called Kakao Stock.
After experiencing exponential growth, Upbit announced its achievements on Wednesday, circunscrito publications reported. Cryptocurrency exchange Upbit ranked very first te the domestic market and ter the mundial market te the very first two months of service opening, Ajunews wrote, adding that:
Upbit demonstrated explosive growth within a brief period of time with a total membership of 1.Two million, an promedio daily users of 1 million and mededinger users of 300,000. The maximum daily transaction value is Ten trillion won, and the promedio daily transaction value for December is Five trillion won.
Trading Volumes: Upbit vs Bithumb
Prior to Upbit’s estreno, the largest cryptocurrency exchange te South Korea had bot Bithumb which, according to reports, had approximately 70% of domestic market share. Bithumb supports trading of 12 cryptocurrencies while Upbit’s webstek presently shows trading availability for 121 coins.
Upbit’s 24-hour trading volume of bitcoin (BTC) at the time of writing is KRW1.053 trillion (
USD975 million), according to its webstek, which far exceeds Bithumb’s volume of 446.623 billion won shown on Coinmarketcap.
However, Bithumb’s volumes for its other 11 coins surpass Upbit’s equivalents. Bithumb’s 24-hour trading volume for bitcoin metselspecie (BCH) is 659.983 billion won, which is slightly ahead of Upbit’s 620.144 billion won. Ripple (XRP) has the most 24-hour trading volume on Bithumb, with 1.117 trillion won traded, hitting Upbit’s 860.028 billion won. Bithumb’s 24-hour trading volume for ether (ETH) is 329.738 billion won, which also hammer Upbit’s 146.051 billion won.
When including all 12 cryptocurrencies, Bithumb’s overall 24-hour trading volume is Four.511 trillion won at the time of writing. Ter comparison, the total volume for the same time period of Upbit’s top 22 coins is Four.515 trillion won, which already exceeds Bithum’s total volume.
Number One Free App Te Korea
Upbit’s trading app has also become one of the most popular free apps ter South Korea. On Wednesday, Twitter user Hyug tweeted “Upbit is now no. 1 te Korean app store.”
However, app rankings switch daily. At press time, Bithumb’s app has overtaken Upbit’s spil the top free app te the Korean iOS app store, leaving Upbit te the 2nd spot.
Ter order to grow the podium further, Dunamu Inc announced on Wednesday that they will appoint co-founder and former CEO of Kakao Corp, Lee Seok-woo, spil the fresh representative of Upbit, Etnews reported. Lee led the growth of Kakao Talk but resigned spil CEO te November 2018 overheen allegations that he did not do enough to prevent the spread of minors sexting on his podium. That aside, he plans to secure Dunamu Inc spil a leader ter the fresh financial innovation industry, he wasgoed quoted telling.
Recently, Upbit has also bot at the center of regulatory controversy since it is the only major exchange that has not joined the Korean Blockchain Association, which would require the exchange to implement self-regulatory measures. Nonetheless, Upbit has already began obeying with the government’s mandates announced last week and posted notices on its webstek regarding the verbod on minors and foreigners.
What do you think of Upbit? Would you use it? Let us know te the comments section below.
Pics courtesy of Shutterstock, Bithumb, Kakao, Upbit, and Twitter user Hyug.
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