A fintech company out of South Korea known as Dunamu, which operates the securities trading app Kakao Stock, may be launching an entirely new cryptocurrency exchange.
In a partnership with the U.S. based exchange Bittrex, the new app known as Upbeat would support the trading of a staggering 110 tokens across 171 different markets around the world. The hopes from Dunamu are that the exchange will become the largest cryptocurrency exchange in the country and then ultimately the world. As the app aims to maximize the investor exposure to the market, the likelihood is high that it will be met with some amount of acclaim. The app is currently in the open beta period, which is allowing users to access the services and test how it works.
Recently, the CEO of Dunamu Song Chi-hyung, stated that they will aim to offer services that will benefit the domestic trading environment of the user. Chi-hyung recently stated that “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 alt coin investment, time delays and complicated account management.”
The current beta access is open to users who pre-registered via an invitation. Other users who are looking to get in on the open beta access will have to sadly wait until the period of invitation-only is over.
The need for a large amount of exchanges is only due to the lacking power of the current exchanges. As more and more exchanges arise that encompass a wide enough exposure to the whole market, more investors will choose to get involved and make that initial step into investing in cryptocurrency. Hopefully this will help to proliferate the market on cryptocurrency overall.