Upbit fortifies leadership in S. Korea’s crypto trading market with 5.3 trillion won deposit

Upbit solidified its leadership in South Korea’s cryptocurrency exchange in terms of cash parked with 5.3 trillion won and the number of subscribers, and transactions.

Data from Rep. Yoon Do-Hyun of the People Power Party shows that Upbit's 5.3 trillion won deposit is four times larger than Bithumb, Coinone, and Korbit combined.

Bithumb was second-largest, with deposits of over 1.3 trillion won with Coinone at third with 248 billion won and Korbit with 69 billion won.

As of July, Upbit's number of users was 4.7 million, 3.6 times more than Bithumb, 8.6 times more than Coinone, and 47 times as many as Korbit.

Upbit and its three rivals attracted millions of new customers this year.

From April to July, there were 1.8 million who opened accounts in Upbit was 1.8 million.

Meanwhile, Bithumb had 450,000 new users, while Coinone and Korbit each boosted their number of users by 170,000 and 45,000.

Meanwhile, Upbit reiterated its plan to go its way in complying with the “travel rule,” which requires virtual asset service providers to establish a system for real-name verifications of senders for international transfers, by March 25.

Upbit originally planned to launch a joint venture with Bithumb, Coinone, and Korbit to co-develop travel rule solutions.

But the company decided to create its travel rule solution through in-house blockchain technology research arm Lambda256.