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South Korea’s Upbit Exchange Notes Highest Trading Volume of all Platforms Globally

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A lot of things have happened in the world of cryptocurrency. Upbit, one of Korea’s oldest trading platforms, had all but disappeared from people’s mind in the past few months. That is somewhat surprising, as the platform was only launched in October of 2017. Ever since that time, the company has not been too transparent regarding its daily transaction volume. Surprisingly, they did so earlier this week, and the results are somewhat shocking. In fact, they are now the world’s biggest exchange in terms of daily transactions.
It is good to see Upbit make a name for itself in the world of cryptocurrency. Although the platform hasn’t been around that long, it is of great interest to its users. More specifically, their 24-hour trading volume last night shattered most records to date. Nearly 5 trillion Won – worth $4.62bn – was exchanged on this platform in 24 hours. That is a very steep amount, although it is not entirely surprising either. South Korean trading platforms are dominating all trades these days and things will not change anytime soon.
Upbit Notes an Impressive Trading Volume
The disclosure of the Upbit trading volume is rather controversial. it is unclear why the company is doing so only now. After all, these metrics are shared by all other trading platforms without any problems. It seems the company purposefully waited until a major development could be reported. It is evident these numbers make some other exchanges pale in comparison. Upbit even successfully surpassed Binance in terms of trading volume, which is rather impressive.
It will be interesting to see how things will evolve in the future. More specifically, the South Korean government wants to clamp down on cryptocurrency trading. Whether or not they will be successful in this regard, remains to be seen, though. Domestic cryptocurrency trading is subject to major speculation and irrational behavior. That is evident by the current cryptocurrency prices most people see on these platforms right now. Curbing this enthusiasm will not straightforward or even appreciated.
It is unclear what the future holds for Upbit and other cryptocurrency exchanges. For now, the regulatory measures in South Korea have made a negative impact on the markets already. This is only a temporary dip which will eventually lead to higher lows, though. Upbit has a big role to play in the future of cryptocurrency, that much is evident. Whether or not they can keep producing such massive trading volume, remains to be determined. It is not unlikely this is only the beginning for the South Korean exchange.
Header image courtesy of Shutterstock

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