Check out the top Korean cryptocurrency exchanges, including Upbit, Bithumb, Gopax, and other crypto exchanges that will help make crypto trading easier in Korea.
The journey of Korean cryptocurrency exchanges has not been seamless and has faced the burden of strict regulations from the Korean Government. However, as time went by, the president of South Korea, Yoon Suk-Yeol, made a significant promise during his campaign to deregulate the trading and operation of Cryptocurrency. This will help to pave the way for global digital currencies to prosper in South Korea.
South Korea is a hub of cryptocurrencies and is one of the most active trade exchange markets. Slowly but surely, the Korean government and banks will support eh blockchain ecosystem, which will only increase the demand for digital currency exchange. South Korea hit $45 million in the trading market just in 2021.
Many upcoming crypto exchanges are also bound to be very competitive, and they will be from big corporations like Korean banks and Kakao. But what is the current established top Korean cryptocurrency exchange?
Top Korean Cryptocurrency Exchanges
Upbit is the best Korea has to offer when it comes to digital currency or cryptocurrency exchange. Bithumb and Upbit go hand in hand with the most competitive exchanges. However, Upbit takes the extra edge in being at the top due to its massive investments in the Korean blockchain ecosystem. This platform has over 8.9 million user base with a trading volume of over $2.6 billion. Upbit has achieved excellent numbers despite heavy regulations from Korean officials.
Upbit has invested $50 million in Korean blockchain since it started in 2018. Their investment partner is Dunamu, which has invested in over 25 blockchains. Sources say that Fintech and content creation blockchain projects will receive $30 million from Dunamo.
Bithumb has a rollercoaster of a ride in their cryptocurrency exchange journey. Despite the ups and down, Bithumb has managed to move on the right path. As a result, they have over 8 million registered users, where 1 million of them are mobile app users. A massive factor that caused the downfall of Bithumb was the number of hacks and security breaches happening on their server.
Bithumb has withdrawal and deposit services on XRP, BCH, and EOS, and it can be done through KRW points and cryptocurrencies. The company is aiming to go global with Bithumb Global. So far, Bithumb is available in 10 countries, and they are looking forward to providing safe and secure withdrawal and deposit services.
Coinone is one of the biggest digital currency exchanges in South Korea, and they are looking to expand its business in Asia in 2022. They will expand their projects in countries like Indonesia, Hong Kong, and Singapore. Coinone also has South Korea’s first remittance app, “Cross,” for blockchains. It utilizes Ripple’s xCurrent product that supports cross-border payments.
Individuals who do not have any ties with banks can transfer funds to other countries using Coinone-owned Cross. In addition, the charges via the cross-border payment platform will be very low.
Korbit is the world’s first virtual asset exchange and is considered among the top 4 cryptocurrencies. This exchange has been in the spotlight for some time because EA and Disney are competingly bidding to acquire Korbit. In addition, Tencent, a Chinese internet and technology company, is also interested in buying Korbit. Korbit and Bitstamp were bought by NCX in 2017 for $150 million. The primary focus of NXC (Nexon) will be on the gaming industry. Hence, Korbit and Bitstamp will hugely benefit from the acquisition of any of the companies we mentioned above.
Companies can directly acquire NXC to have a total acquisition over these two crypto exchanges. Hence, it will be a huge positive impact on their portfolio. Currently, Tencent is the strongest prospect who can buy Korbit due to its already massive blockchain operation.
Founded by Stream It, Global Online Professional Assets Exchange is the 5th largest cryptocurrency exchange in South Korea. They have many trading options with versatile choices. Users can trade with Korean won, and they can trade with over 20 types of coines.
Users can easily register and start trading on the same day. It has drawbacks due to easy registrations; however, this is the only exchange in this list with the Information Security Management System certificate.
There are plenty of other exchanges that offer amazing services for trading. However, these are the top five Korean cryptocurrency exchanges. We hope that you find this article helpful.