Upbit, South Korea’s second largest and world’s fifth-biggest cryptocurrency exchange is planning to launch new cryptocurrency index called UBCI (Upbit Crypto Index)
Business Expansion using new Upbit Crypto Index
A report by Business Korea was noted that the company operating Upbit, Dunamu. The primary aim is to provide this cryptocurrency index in order to make it reliable for investors to understand the trending market. Its aim is to assist the passionate investors on the trading concept as well as becoming a standard index globally.
Additionally, the company is also set to expand the business for using the index in a global market. Because of the local demands, there is frequently a divergence between the value of the cryptocurrency on domestic and international markets.
The new cryptocurrency index UBCI will operate by assembling long-term transactions and trading data from the Upbit exchange in order to build the standard value in confidence intervals.
New Four Indices are Developing
Upbit intends to launch the UBCI market sector and Bitcoin indices in the month of April. Later, the strategy index will be launched.
Song Chi-Hyung’s Ubit, become the largest cryptocurrency exchange in South Korea in just 3 months since launching. The founder of Upbit associated with Kakao to develop Kakaostock, a mobile stock trading app that increases nearly 300,000 users. Furthermore, he also partnered with US-based Bittrex to trade.
However, Upbit maintains its rank among the world’s largest exchanges in the third largest market for cryptocurrency trading internationally.
Lee Seok-woo, president of Dunamu said
“The present situation of the cryptocurrency market is quite similar to the traditional financial market based on stocks and bonds in its early stage. Accordingly, as the market gets more sophisticated, the UBCI is expected to play an important role in this area in the future. We will also disclose the index rulebook and let the market evaluate it before long.”
The cryptocurrency market of Korea is one of the three largest in the world. But exchanges are still awaiting finalization on how the government campaign to control the crypto industry.
Let’s have a closer view by following Coinpedia on Twitter and Telegram
Source: Read Full Article