Upbit has emerged as a top-five crypto exchange, rivaling industry heavyweights Binance and Coinbase with its recent success.
In a recent Bloomberg report, South Korean investors have recently become very active in the crypto market. This has been reflected through South Korea-based crypto exchange Upbit.
Currently, Upbit now handles over 80% of South Korea’s crypto trading volume, giving it a market share that rivals that of the top crypto exchanges globally.
As a result of its success, Upbit has now rocketed into the top five of the largest crypto exchanges, challenging established crypto exchanges such as Binance and Coinbase.
Recent market data shows that the South Korean won has replaced the US dollar as the most-used fiat currency to trade Bitcoin (BTC) and other digital assets, Bloomberg reports.
It also notes that the heart of the crypto market has shifted and is now firmly beating in the Asian nation.
The news outlet also notes that Upbit’s rise has come despite increased regulatory pressure in South Korea.
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