Upbit Sees Sustained Lead in South Korea

Upbit Sees Sustained Lead in South Korea

Upbit expects to keep and continue its position as the top cryptocurrency exchange in South Korea. This conviction comes as the cryptocurrency exchange recently became the first virtual currency firm to complete the business registration obligation that the financial authorities require before the late-September deadline.


Additionally, cryptocurrency analysts and Upbit insiders believe that the crypto-asset exchange can carry on keeping its top-rank position among local cryptocurrency exchanges as it has surpassed others in terms of customer numbers and transactions by a wide margin.


We feel pleased to learn about this news involving Upbit’s strong lead in South Korea. We believe our readers will benefit from reading this report, especially if they are based in the East Asian nation, for they will know the leading and trusted coin exchanges they can engage with today.


Based on the August 30, 2021 news posted online by South Korean news outlet The Korea Times, Yoon Doo-Hyun received the latest figures from four leading cryptocurrency exchanges in South Korea: Upbit, Bithumb Coinone, and Korbit.


Yoon is a conservative opposition People Power Party PPP representative who learned that Upbit’s number of newly registered customers stood at 1.77 million from April to July 2021. This number far exceeded those at Korbit at 44,864 customers, Coinone at 171,446 customers, and Bithumb at 450,175 customers.


Moreover, the deposit volume the cryptocurrency exchanges held demonstrated Upbit’s apparent top lead among local coin exchanges. This virtual asset exchange’s customer deposits stood at 5.26 trillion won or US$4.5 billion as of the end of July 2021.


This number is over five times that of Bithumb at 1.34 trillion won. It is also over 21 times that of Coinone and 77 times that of Korbit at the end of last month. Even the aggregate amount of the three other cryptocurrency exchanges merely accounted for roughly a quarter of Upbit’s deposit volume.


Upbit’s secure first position was also clear in its average user numbers at the end of last month. The South Korean coin exchange has 4.7 million users.


This figure is 3.6 times that of Bithumb, 8.6 times that of Coinone, and over 46 times that of Korbit. We want to express our praise and felicitations for Upbit.


Since October 2017, we gathered that this South Korean cryptocurrency exchange has advocated using virtual assets, believing in these financial instruments’ promise and future.


We think that Upbit’s strong lead in South Korea will, indeed, continue. We also believe it can maintain this position as cryptocurrency users continue to increase in South Korea and avail of and trust Upbit’s services.