Upbit upsets crypto balance of power
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Venture takes off as Bitkub upgrades
published : 22 Jan 2021 at 05:36
6 Peeradej Tanruangporn, centre right, chief executive of Upbit Thailand, with Mr Somphote, left, Mr Chatchaval, centre left, and Mr Preecha, right.
Upbit Thailand, a joint-venture digital asset exchange between Upbit APAC Pte and a group of Thai billionaires, launched operations on Wednesday following a rocky week for the country s leading cryptocurrency platform Bitkub, which temporarily shut down to fix some issues at the request of the regulator.
The new venture is considered timely by some analysts as investors are flocking to bitcoin and cryptocurrency following a surge in prices over the past few months.
Upbit launches in Thailand just days after regulators suspended Bitkub As Thailand’s leading crypto exchange remains suspended, billionaire backed rival Upbit enters the scene. 5204 Total views News
Crypto exchange Upbit is entering the Thai market at a fortuitous time when the kingdom’s most popular exchange, Bitkub, remains suspended by government regulators.
According to reports in local media, a joint-venture crypto exchange between Upbit APAC and a group of Thai billionaires launched operations on Wednesday, Jan. 20. It follows the regulatory suspension of the country’s most popular trading platform Bitkub on Monday, which had a reported 97% share of the market before its closure.