Dunamu Inc., which is an operator of one of the largest exchanges of South Korea’s Upbit, plans to launch a crypto exchange in Singapore next month. The exact date of the launch of the new site has not yet been established. However, company representatives say that the stock exchange will be launched in early October.
"As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness," said Kim Kook-hyun, head of Upbit's Singaporean branch.
It is worth noting that Singapore is attracting more and more crypto companies. Earlier it became known that one of the largest exchanges, Binance, launches a closed beta testing of a new crypto platform in the city-state.
WHY IS IT IMPORTANT?
- Singapore is not in vain becoming a magnet for crypto companies. The country is distinguished by low taxes and friendly atmosphere for the ICO. The headquarters of Litecoin, TRON, and VeChain are located there. Also, such crypto exchanges as Coinbase, Gemini and Huobi are already present in Singapore.
- Dunamu is also actively working on the development of the blockchain. At the beginning of the year, the Upbit operator announced its intention to invest $92 million (100 billion won) over the next three years to develop various projects based on the distributed ledger technology.
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