Upbeat, Major Market Operational Changes…

2019-10-01 16:11:13

Notice of termination of Bitex partnership?

Upbits of major domestic cryptocurrency exchanges change how major markets operate.

In order to comply with the guidelines of the International Anti-Money Laundering Agency (FATF), it has recently stepped out of the Dark Coin family and is paying attention to what will change as it continues to take steps to prevent financial accidents.

Upbit recently announced some changes in the BTC, ETH and USDT markets through its website announcement.

UpBit said, “In the future, members using BTC, ETH, and USDT markets will be able to support BTC, ETH, and USDT markets in addition to the support of pre-orders, market price orders, and simple orders that are currently supported by the won market.

There will be some changes in this regard. ”

In particular, the English notice, which was posted with the Korean notice, announced the termination of Bitlex's BTC, ETH, and USDT market interlocking services.

We can assume that we will no longer have a relationship with Bitex, a US cryptocurrency exchange that has been partnering since the launch of the exchange in 2017.

Upbit has been supporting Bittrax with the same cryptocurrency listed on Bitex when it was launched.

Such exchange linked service was positively evaluated as a fresh attempt to introduce a variety of altcoins into the domestic cryptocurrency market with the ecosystem centered on bitcoin and bring market scalability.

At the time, it was considered the key to the upbeat's growth into a major domestic exchange in the short term, and to leading the global trading volume.

However, the current partnership with Bitex is not easy to sustain because of external environmental factors.

In the related industry, upbeat trading volume is higher than Bitex, so it is difficult to realize the benefits of both parties.

In other words, Bitex will benefit greatly from the exchange-linked service.

Moreover, in the upbeat position to discover and empower domestic excellent blockchain projects, the system that automatically lists the projects listed by Bitrex is an obstacle to independent decision.

Lee Seok-woo, CEO of Doo-mu, who actually runs Upbit, recently stressed that he would like to introduce more domestic projects than overseas blockchain projects through the Upbit Developer Conference.