Korean exchanges Upbit and GOPAX backed by two of country’s biggest companies

06 Aug, 2018
by David Robb
News
Korean exchanges Upbit and GOPAX backed by two of country’s biggest companies

It has been revealed that South Korea's two largest crypto exchanges, Upbit and GOPAX, are backed by two of the country's biggest companies in banking and internet services. Shinhan Bank operates GOPAX, while internet company Kakao has a stake in the Upbit exchange.

Upbit and GOPAX have been able to dominate the Korean crypto market recently, in the wake of the $30 million Bitthumb hack that took place back in June. The exchange's month-long freeze of trading activities led many investors to migrate to different trading platforms.

Read more: South Korea urges the passing of crypto laws "as soon as possible"; Bithumb will fully compensate investors after hack: '$450 million in company fund'

Shinhan Bank's support has enabled GOPAX (Global Online Professional Assets Exchange) to evolve into one of the leading crypto exchanges in a remarkably short amount of time. Operated by blockchain company Streami, a partner of Shinhan Bank, it only started trading back in November of last year.

The confirmation of Shinhan Bank's major investment in the GOPAX exchange should be a positive sign for the crypto market going forward, as it should lead to better relationships between crypto companies and major financial institutions.

Kakao has operated the Upbit exchange since 2017 through its subsidiary company Dunamoo, and has around 90 percent market dominance in fintech, ride-sharing, online stock trading, and social media.

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