 | |
| Founded | 2017 |
|---|---|
| Headquarters | , |
| Products | Cryptocurrency exchange |
| Parent | Dunamu Inc. |
| Website | www |
Upbit is a South Korean cryptocurrency exchange founded in 2017. [1] It is operated by Dunamu, which is one of the highest-valued startups in South Korea. [2]
Upbit launched in South Korea on October 24, 2017, with the help of their partnership with American cryptocurrency exchange Bittrex. [1]
Sirgoo Lee was named CEO of Dunamu, Upbit's parent company, on December 21, 2017, with Dunamu founder and CEO Chi-hyung Song assuming the role of chairman. Lee previously served as Co-CEO of Kakao Corp. and JOINS, Inc. [3]
Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume. [4]
On May 10, 2018, its main office was raided as part of a fraud probe. [5]
The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30, [6] and then beginning services in Indonesia starting January 2019[ citation needed ], and Thailand starting January 2021. [7]
On December 21, 2018, three Upbit officials were indicted for allegedly making fake orders. The exchange has denied the allegations. [8] [9] [10]
In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS)[ citation needed ] and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018). [11]
On November 27, 2019, Upbit lost about US$48.5 million worth of Ethereum from a hack. [12]
In September 2021, South Korea started to regulate virtual asset service providers. [13]
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. In May 2020, Coinbase announced it would shut its San Francisco, California, headquarters and change operations to remote-first, part of a wave of several major tech companies closing headquarters in San Francisco in the wake of the COVID-19 pandemic.
Monero is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading Monero, transaction amounts, address balances, or transaction histories.
KakaoPage is a monetized content platform optimized for mobile devices, launched by the Kakao Corp. in 2013 and currently owned by its subsidiary Kakao Entertainment. The service launched on April 9, 2013, as a digital content marketplace allowing brands and individuals to create and distribute visual, audio and written content such as manhwa and genre fiction. It entered the Indonesian market in 2018 and Taiwan in 2020.
Kraken is a United States–based cryptocurrency exchange, founded in 2011. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at US$10.8 billion in mid-2022. The company has been the subject of several regulatory investigations since 2018, and has agreed to cumulative fines of over $30 million.
Lazarus Group is a cybercrime group made up of an unknown number of individuals run by the government of North Korea. While not much is known about the Lazarus Group, researchers have attributed many cyberattacks to them between 2010 and 2021. Originally a criminal group, the group has now been designated as an advanced persistent threat due to intended nature, threat, and wide array of methods used when conducting an operation. Names given by cybersecurity organizations include Hidden Cobra and ZINC or Diamond Sleet. According to North Korean defector Kim Kuk-song, the unit is internally known in North Korea as 414 Liaison Office.
Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange at the time of its collapse in 2019, with the exchange ceasing operations and the company filing for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets.
Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Bitfinex was founded in 2012. It was originally a peer-to-peer Bitcoin exchange, and later added support for other cryptocurrencies.
Abra is a financial services and technology company that operates a cryptocurrency wallet service including a trading service for buying and selling cryptocurrencies, a service for earning interest on cryptocurrencies and stablecoins, and a lending services for borrowing against cryptocurrency collateral.
An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.
Tether is a cryptocurrency stablecoin, launched by the company Tether Limited Inc. in 2014. As of January 2024, Tether's website lists fourteen protocols and blockchains on which Tether has been minted.
A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.
Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion.
Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.
Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain, mainly Ethereum. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks. Some applications promote high-interest rates but are subject to high risk. Coding errors and hacks have been common in DeFi.
Crypto.com is a cryptocurrency exchange company based in Singapore. As of June 2023, the company reportedly had 80 million customers and 4,000 employees. The exchange issues its own exchange token named Cronos (CRO).
Coinmarketcap is a website that provides information and data such as prices, trade volumes, market capitalization on cryptocurrencies. It was founded in 2013 in New York City by Brandon Chez.
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