Dunamu Inc., a Korean financial technology company well-known for its securities trading app called Kakao Stock, has announced that has begun providing an open beta service for a cryptocurrency exchange called “Upbit” starting October 24, confirms Business Korea.
To have things going according to plan, Dunamu signed an exclusive partnership agreement with the U.S. Digital currency exchange Bittrex, meaning that “Upbit” will be connected with one of the largest digital currency exchanges in the world.
Compatible with the major players on the cryptocurrency market
The newborn cryptocurrency exchange supports markets that can be traded with four main basic currencies including Korean Won (KRW), bitcoin (BTC), ethereum (ETH) and tether (USDT). BTC market, ETH market and USDT market will be offered through Bittrex, while investors can sell and purchase digital currencies in Korean Won in the KRW market and carry on the same process in bitcoin in the BTC market.
Still, users need to be alert and learn all the tricks the open beta has to offer, because in the KRW market they can only trade bitcoin in the early stage of the service provided by Dunamu. If they want to trade other digital currencies, they can acquire bitcoins in Korean Won and swap them in the BTC market.
Android and iOS can be relaxed, because “Upbit” is designed to function properly on all devices, plus desktop computers through its website. Pre-registered users will the first people to enjoy the service, receiving invitations to first trading.
Invite only, sorry!
However, to deposit and withdraw money, participants need to fulfill some security requirements that are needed for trading. If you wonder why is important to be on the list, learn that those who haven’t pre-booked can use “Upbit” only after the invitation for pre-booked participants is completed.
Security worries should be as low as possible, considering the fact that Upbit has consulted Theori, which is a four-time winner of world’s most well-known DEF CON hacking finals.