Read

Edit

History

Notify

Share

Upbit

Upbit is one of the largest centralized exchanges by trading volume in Asia. The platform was established in South Korea and is the largest cryptocurrency exchange by volume in South Korea. Upbit allows users to purchase over 170 cryptocurrencies via fiat deposits, or trade their existing crypto assets.[1][4][5]

Overview

Upbit is a leading centralized exchange in South Korea that was launched in October 2017 through an exclusive partnership between , the developer and operator of Securities Plus, and the exchange Bittrex. [15]

On March 22, 2018, Upbit launched its UBCI (Upbit Crypto Index), a standard index that measures market conditions by suggesting a standard on coin quotes with the aim to make it easy for investors to understand overall market trends.[2][3]

It offers a user-friendly interface and supports the trading of a wide variety of . To overcome the challenge of low trading volumes that new exchanges typically face, Upbit used the same Bittrex computer system for , , and markets, while operating the Korean won market independently. [16]

History

In October 2017, Upbit was launched by Kakao in partnership with American exchange Bittrex to support stable Virtual currency trading. This allowed them to start trading with over 100 different . At the time of their launch, this was the largest number of offered by a Korean exchange.[2][4]

On March 22, 2018, it was announced that Upbit developed UBCI (Upbit Crypto Index), Korea's first cryptocurrency index.[3]

In May 2018, South Korean prosecutors raided Upbit over suspected fraud. The exchange was accused of selling to customers that it did not actually hold. Hard disks and accounting books were confiscated, and an investigation was launched. Despite the investigation, Upbit's services continued to operate normally. This raid occurred during a period of regulatory tightening in South Korea, with authorities investigating several cryptocurrency exchanges for alleged wrongdoing. [17]

In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS) and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018).[6]

In September 2018, the first Upbit Developer Conference (UDC) was held and hosted 600 companies and 7,000 attendees. Since then, this has been an annual event.[7]

In August 2021, Upbit became the first Korean exchange to register with South Korea's Financial Intelligence Unit (FIU) before the September 24 deadline, after which unregistered exchanges face being shut down. The registration process includes meeting various requirements, such as setting up partnerships with banks for real-name verification. While other exchanges have struggled to persuade banks to work with them, Upbit has an existing partnership with K-bank for real-name verification. The FIU has called on foreign exchanges to register as well if they provide services to South Korean consumers. [18]

On September 17, 2021, Upbit obtained the first virtual asset service provider (VASP) qualification. And as a result, a new customer verification system was implemented to comply with the Specific Financial Information Act.[8]

On October 5, 2021, Upbit announced on its website that it would tighten restrictions on customers who had not verified their identities in order to comply with South Korea's anti-money laundering laws. Starting from the day of the announcement, customers without real-name verification would be limited to depositing or withdrawing no more than 1 million won, approximately $750. These customers would still be able to trade Bitcoin and Tether, but they would face additional restrictions later in the month. [19]

Features

On Upbit, users are able to interact with the platform over their mobile devices; this is similar to how users interact with Kakao's stock trading app, Kakao Stock. On the Kakao Stock platform, Korean 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.[9]

Upbit is made available on both Desktop and mobile (iOS and Android) and it is accessible through any standard Web browser.[9]

Products

  • Upbit Hot Wallet: The digital wallet is used to store digital assets and is compatible with the ecosystem of apps that comes from Kakao Corp.
  • KakaoTalk: A messaging service with millions of active users, KakaoPay is the second-largest payment system in South Korea. This turns the leading exchange into a behemoth.
    The brand also has an open API service that can be used to get real-time information and study the cryptocurrency marketplace.

Upbit Developer Conference(UDC)

The Upbit Developer Conference (UDC) is the largest blockchain conference in Korea. The global conference is hosted by Inc. and is designed to further facilitate and expand the blockchain ecosystem.[7]

Since its first conference held in 2018, the UDC has transformed from a developer-centered meeting into one of the most awaited international conferences for developers, industry professionals, experts, students, and enthusiasts interested in blockchain technology.
Speaking about the conference, Co-founder of (formerly ) said:

Unlike a lot of traditional crypto conferences, UDC is actually focused on blockchain infrastructure which is something I think we really need.

UDC 2018 ( September 12-14, 2018)

Upbit Developer Conference 2018 lasted from September 13-14. 2018 in Jeju Island with the slogan "Proof of Developer," and was focused on promoting the latest technology.[10]

UDC 2019 ( September 4-5, 2019)

Upbit Developer Conference 2019 (UDC 2019) was held on September 4-5, 2019 in South Korea’s Grand Hyatt Incheon with the theme ‘Proof of Services’. The event featured in-depth presentations on how various platforms, solutions, and services are bringing blockchain technology into the mainstream.[11]

UDC 2020 ( November 30-December 4, 2020)

UDC 2020 was a five-day online-only event geared towards blockchain developers and was broadcasted via the official UDC YouTube channel. UDC 2020 was themed 'return blockchain future; (Solving the Future with Blockchain)’, with the coding term ‘return’ representing the conference’s focus on the value blockchain technology will bring in the future.[12]

UDC 2021 ( September 3-4, 2021)

The 4th Upbit Developer Conference (UDC 2021) hosted by Dunamu Inc. was held in Seoul under the theme of ‘Welcome to the Blockchain World’. UDC 2021 was a two-day conference held online that covered the growing blockchain industry. The event received 8,000 preregistrations and around 65,000 total views.[13]

UDC 2022 ( September 22-23, 2021)

UDC 2022, a two-day event hosted by Dunamu, the operator of South Korean exchange Upbit, was held at the Busan Port International Exhibition & Convention Center in person after two years of pandemic disruptions. The theme of the 2022 event was “Imaging Your Blockchain Life” and covered popular blockchain topics including non-fungible tokens, the metaverse, , and .[14]

See something wrong? Report to us.

Upbit

Commit Info

Edited By

0xa817e9da10923C49C3eD3265Ec9aAb4FB2AF69FE
Yeonwoo

Edited On

April 23, 2023

Reason for edit:

Added overview, added to the history section and added media and links

Feedback

Average Rating

No ratings yet, be the first to rate!

How was your experience?

Give this wiki a quick rating to let us know!

Twitter Timeline

Loading...

Loading

Media

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get early access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ