Fintech Firm to Launch Cryptocurrency Exchange in South Korea

South Korea is getting a new cryptocurrency exchange, one backed by an already established fintech firm.

The new platform, known as Upbit, is a partnership between South Korean app maker Dunamu and U.S.-based Bittrex, one of the market's longest-running exchanges focused on alternative cryptocurrencies.

Set to open next month, Upbit plans to support an extensive range of tokens (over 100 in total). As such, a key part of its value proposition will be the consolidation of potential trading options.

The news comes as South Korea is emerging as a new hotbed of digital currency trading, and as neighboring China, once a major hub for activity, cracks down on local exchanges.

Dunamu, for its part, brings extensive experience in mobile apps to the partnership. Among others, it developed a stock-trading app for South Korean internet conglomerate Kakao, and Upbit users will be able to use Kakao's messaging and payment apps to place trades.

Upbit's website further indicates that BitGo, a pioneer of multi-signature solutions for cryptocurrency companies, will provide wallet security to the exchange's customers.

Seoul, South Korea image via Shutterstock