Upbit Rides Korea Crypto Boom to Top-Five Global Exchange Spot [BNN Bloomberg (Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: BNN Bloomberg
It's South Korea, where speculation has reached such intensity that the won has supplanted the dollar as the most-used currency for swapping in and out of Bitcoin and other tokens. At the center of this bonanza is Upbit, an exchange based in Seoul's ritzy Gangnam district whose wide array of listed coins and ease of access have helped it claim the lion's share of Korea's crypto market. Trading on Upbit accounts for over 80% of Korean volumes, a level of dominance no other exchange has achieved in a major crypto hub. Frenzied trading by local investors means it now ranks among the top five exchanges globally by volume, running neck-and-neck with Coinbase. Upbit's customers last year accounted for almost a fifth of its main banking partner's total deposits, prompting a sharp rebuke from a South Korean lawmaker. Now, new legislation designed to protect investors after South Korean entrepreneur-turned-crypto-fugitive Do Kwon's brainchild — the TerraUSD stablecoin — imploded in 2022
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COIN
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- 5/2/24 - Beat
COIN
Sec Filings
- 5/3/24 - Form 144
- 5/3/24 - Form 4
- 5/2/24 - Form 4
- COIN's page on the SEC website