Upbit Korea

Upbit is a prominent South Korean cryptocurrency exchange launched in October 2017 by Dunamu Inc., a leading fintech company. The exchange was founded by Song Chi-hyung, who also founded Dunamu in 2012. Song, a graduate of Seoul National University with degrees in computer engineering and economics, leveraged his prior experience in mobile payment systems to pivot Dunamu from a news aggregator to a financial technology powerhouse. Before Upbit, Dunamu successfully launched KakaoStock, a mobile stock trading application, in partnership with Korean internet giant Kakao Corp.

The exchange established itself rapidly, becoming a top global exchange by 24-hour trading volume within about two months of its launch. This growth was facilitated by an initial partnership with the U.S. exchange Bittrex, which provided access to a wide variety of cryptocurrencies. The business operates primarily as a cryptocurrency exchange, serving both retail and institutional clients. Its revenue model is based on collecting trading fees, which are charged in the platform's base currencies, and withdrawal fees. This model proved robust, enabling Upbit to be the only major Korean exchange to post a profit in the challenging market of 2018.

Upbit's core product is its trading platform, accessible via the web and mobile apps, offering a vast selection of over 180 cryptocurrencies and more than 300 trading pairs. The platform provides users with markets denominated in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Beyond spot trading, Upbit's ecosystem includes staking services for several major cryptocurrencies like Ethereum and Solana, an NFT marketplace, and Upbit Custody, a service for corporate clients that stores 100% of assets in offline cold wallets. The exchange has a strong focus on security, holding certifications such as ISMS-P and various ISO standards, and employing a 24/7 AI-based fraud detection system. Having secured a Virtual Asset Service Provider (VASP) license in South Korea in 2021, Upbit has also expanded its operations internationally, with licensed entities in Singapore, Indonesia, and Thailand. Keywords: Upbit, Dunamu, Song Chi-hyung, cryptocurrency exchange, South Korea, crypto trading, Bitcoin, Ethereum, blockchain, fintech, Kakao, crypto staking, NFT marketplace, digital assets, virtual asset service provider, VASP, crypto custody, altcoin trading, Korean Won market, crypto security, financial technology, mobile trading, Dunamu Inc., Upbit Custody, crypto-to-crypto trading