As Singaporeans start enjoying services from Upbit cryptocurrency crypto enthusiasts from Thailand and Indonesia will soon join their league. In a bid to expand its network Upbit one of the largest crypto exchanges in South Korea is setting up shop in Thailand and Indonesia. In the two new frontiers, Upbit has already set up websites marketing its services in local dialect.
While commenting on Upbit new venture to a local news outlet, Lee Seok-woo Dunamu CEO said;
“Since the start of Upbit exchange, our primary goal was to offer our foreign exchange services globally. We have a blueprint in place which guides us on how we are going to expand our services globally and not limit ourselves to the domestic market.”
Upbit is under Dunamu Inc. an affiliate of Kakao Corp and Lee Seok-woo is the current CEO. Besides been under Dunamu Upbit is also affiliated with U.S based exchange Bittrex. Kakao Corp also runs Kakaotalk a popular chatting app in South Korea.
On the other hand, the exchange was quoted saying;
“Indonesia and Thailand have shown great interest in cryptocurrency and blockchain and that why we at Upbit decided to have an online presence before setting up shop.”
According to information on the websites, Upbit will be providing 240 trading pairs and over 130 coins to its new traders in Thailand and Indonesia. While Singaporeans are already trading in their local currency, Upbit is working to have traders in Thailand use their local currency baht, and their counterparts in Indonesia use rupiah.
Upbit Woes Back Home
While Upbit is working on increasing its global footprint in South Korea, it’s having a hard time with increasing its number of users because of the new real-name account rule. Although Upbit already complied with the new law banks are now reluctant to offer the conversion services to other exchanges. Besides strict regulations making it had for Upbit, competition is also increasing on the domestic market. While commenting on its current situation, Woo said,
“If we continue to wait for the domestic market to change we might be locked out on the global market.”
On the other hand, regulations in Thailand and Indonesia are just coming up, and for Upbit, there’s no good time of entering the Southeast Asia market than now. For the latter, they signed a decree to regulate cryptocurrencies as commodities in June while the former enacted crypto regulation in May. Furthermore, one dear and six exchange got the go-ahead from the government to operate in Thailand.