Upbit Cryptocurrency Exchange Becomes Top 3 In Trade Volume

One of the world’s famous cryptocurrency exchange Upbit, functioned by Dunamu, has made his name as the third-largest globally in terms of trade volume, according to the latest report of Blockchain Transparency Institute.

BTI has published exchange rankings since August, with aims to offer more transparent, data-driven insights into the market. From this month, the rankings reflect transactions through mobile apps and API trade while excluding wash trading for more accurate calculation. functioned by Dunamu, has become the third-largest globally in terms of trade volume.

BTI has published exchange rankings since August, with aims to offer more transparent, data-driven insights into the market. From this month, the rankings reflect transactions through mobile apps and API trade while excluding wash trading for more accurate calculation. On the basis of the rehabilitated examination, Upbit’s 24-hour trade capacity was US$241 million in December 2018 the 3rd greatest after Bitfinex and Binance and up from its 7th rank in November 2018.

As per the Upbit official BTI has sustained to recover the correctness of its examination scheme. The data-driven crypto exchange info will be obliging in better defensive depositors. Meanwhile the CoinMarketCap, the market follower whose information is more extensively quoted, ranks Binance as the 3rd greatest platform by 24-hour volume, with Bifinex at 21st as well as Upbit at 39th. Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites.

Dunamu CEO Lee Seok-woo has been preparing foreign growth for his exchange. “From the beginning of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market,” the news outlet detailed. Recently, Upbit formally launched an exchange in Singapore that ropes dollars of Singapore. The corporation plans for the numerous exchanges to provision the baht in Thailand and the rupiah in Indonesia. Upbit’s Indonesian website is less industrialized than its Thai counterpart. “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States” is the translation of the message displayed on its front page. As per the company , 156 coins and 276 trading pairs will be supported. The South Korean government implemented the real-name system in January. However, banks have been reluctant to provide this service to crypto exchanges. So far, they have only offered the real-name conversion service to the country’s top four crypto exchanges, including Upbit.

“I am in a desperate situation which I can lose a great opportunity if I miss this period,” Edaily quoted Lee as saying. He further explained that while “the situation in Korea is not good due to various regulations,” competition is increasing.