Upbit (cryptocurrency exchange)

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UPbit is a Korean cryptocurrency exchange ​. [1] ​ It was launched by Kakao ​, a Korean messaging app ​ developer.

On its launch date, it offered 111 altcoins. from 167 different markets. [3] ​ The exchange provides wallet security from BitGo ​. [6]

History

Upbit launched in October 2017. [4] Kakao ​ partnered with American exchange Bittrex ​ to support stable virtual currency trading. This allowed them start trading with over 100 different altcoins. [3] ​ At the time of their launch, this was the largest number of cryptocurrencies offered by a Korean exchange. [7]

On March 22, 2018, it was announced that Upbit developed UBCI (Upbit Crypto Index) , Korea's first cryptocurrency index. [5]

Functionalities

On Upbit, users are able to interact with the platform over their mobile device; this is similar to how users interact with Kakao's stock trading ​ app, Kakao Stock . On the Kakao Stock platform, Korean cryptocurrency owners can trade digital assets within Korea's Kakao Talk messenger app.

In addition, Upbit also provides an internal BitGo ​ wallet, as well as the option to use Kakao's mobile payment solution KakaoPay ​ for added security. [6]

Upbit is made available on both desktop and mobile ( iOS ​ and Android) and it is accessible through any standard web browser. [3]

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