Kakao-invested fintech company to test run digital currency exchange

By Park Sae-jin Posted : September 25, 2017, 15:20 Updated : September 25, 2017, 15:20

[Courtesy of UPbit]



"Donamu", a financial technology (fintech) company invested by South Korea's second-largest web service provider "Kakao", will beta-open its online digital currency exchange service next month.

The fintech company said in a statement Monday that it has established an exclusive partnership with "Bittrex", one of the world's largest online exchange services for digital currencies such as Bitcoin and Ethereum, to launch its own exchange, "UPbit".

According to Donamu, UPbit will provide a 24-hour trade service via a PC or a smartphone app. The online exchange will support a dozen online currencies including Bitcoin, Ethereum and Ripple. Top-of-the-line online security technology will be used and technologies from "Kakao Pay", Kakao's digital wallet platform, will protect users from information hacking and cyber-attacks.

Security has become an important factor in the digital currency industry. In an attack this year on Bithumb, the world's fifth-largest online digital currency exchange based in Seoul, information about 31,800 users was leaked.

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