South Korean-based cryptocurrency exchange Upbit has announced its intentions to expand Thailand and Indonesia as part of its global expansion plans, Bitcoin.com reports
Upbit is one of South Korea's largest cryptocurrency exchanges. According to local media, Upbit has been marketing new exchanges in Thailand and Indonesia, as well as setting up a website for each exchange.
“Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch,” the exchange was quoted as saying.
Lee Seok-woo, Upbit CEO explained that overseas expansion has always been part of the plan. “From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market,” he said.
The new exchanges will support the Thai baht and the rupiah in Indonesia.
The South Korean government has recently clamped down on unregulated exchanges, resulting in fellow crypto exchange Zeniex being forced to shut its doors.