THELOGICALINDIAN - Kakaos cryptocurrency barter Upbit now claims to be the better crypto barter by aggregate in South Korea one of the top three markets globally Listing over 120 bill and leveraging Kakao Talks massive user abject Upbit currently facilitates an boilerplate circadian trading aggregate of 5 abundance won
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
Upbit Claims the Number 1 Spot
It has alone been about two months back the launch of Upbit, the cryptocurrency barter affiliated with Kakao Talk, South Korea’s best accepted babble app which is installed on over 90% of all smartphones in the country. The barter is operated by Dunamu Inc, the abettor of Kakao’s balance trading belvedere alleged Kakao Stock.
After experiencing exponential growth, Upbit appear its achievements on Wednesday, bounded publications reported. “Cryptocurrency barter Upbit ranked aboriginal in the calm bazaar and in the all-around bazaar in the aboriginal two months of account opening,” Ajunews wrote, abacus that:
Trading Volumes: Upbit vs Bithumb
Prior to Upbit’s debut, the better cryptocurrency barter in South Korea had been Bithumb which, according to reports, had about 70% of calm bazaar share. Bithumb supports trading of 12 cryptocurrencies while Upbit’s website currently shows trading availability for 121 coins.
Upbit’s 24-hour trading aggregate of bitcoin (BTC) at the time of autograph is KRW1.053 abundance (~ USD975 million), according to its website, which far exceeds Bithumb’s aggregate of 446.623 billion won apparent on Coinmarketcap.
However, Bithumb’s volumes for its added 11 bill exhausted Upbit’s equivalents. Bithumb’s 24-hour trading aggregate for bitcoin banknote (BCH) is 659.983 billion won, which is hardly advanced of Upbit’s 620.144 billion won. Ripple (XRP) has the best 24-hour trading aggregate on 
Bithumb, with 1.117 abundance won traded, assault Upbit’s 860.028 billion won. Bithumb’s 24-hour trading aggregate for ether (ETH) is 329.738 billion won, which additionally exhausted Upbit’s 146.051 billion won.
When including all 12 cryptocurrencies, Bithumb’s all-embracing 24-hour trading aggregate is 4.511 abundance won at the time of writing. In comparison, the absolute aggregate for the aforementioned time aeon of Upbit’s top 22 bill is 4.515 abundance won, which already exceeds Bithum’s absolute volume.
Number One Free App In Korea
Upbit’s trading app has additionally become one of the best accepted chargeless apps in South Korea. On Wednesday, Twitter user Hyug tweeted “Upbit is now no. 1 in Korean app store.”
However, app rankings change daily. At columnist time, Bithumb’s app has overtaken Upbit’s as the top chargeless app in the Korean iOS app store, abrogation Upbit in the additional spot.
In adjustment to abound the belvedere further, Dunamu Inc appear on Wednesday that they will accredit co-founder and above CEO of Kakao Corp, Lee Seok-woo, as the new adumbrative of Upbit, Etnews reported. Lee led the advance of Kakao Talk but accommodated as CEO in November 2015 over allegations that he did not do abundant to anticipate the advance of amateur sexting on his platform. That aside, he affairs to “secure Dunamu Inc as a baton in the new banking addition industry,” he was quoted saying.
Recently, Upbit has additionally been at the centermost of authoritative controversy back it is the alone above barter that has not abutting the Korean Blockchain Association, which would crave the barter to apparatus self-regulatory measures. Nonetheless, Upbit has already started acknowledging with the government’s mandates announced aftermost anniversary and acquaint notices on its website apropos the ban on amateur and foreigners.
What do you anticipate of Upbit? Would you use it? Let us apperceive in the comments area below.
Images address of Shutterstock, Bithumb, Kakao, Upbit, and Twitter user Hyug.
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