Upbit CEO: Worthy Tokens and Projects Decided by Exchanges
With the emerging trend of cryptocurrency as well as BC technology, tens of new coins are generated almost every day. It is indeed perilous for investors and traders to scan through the vast sea of tokens to identify the ones which ones are worth backing, and have no probable scams or risks of fraud.
Although the final call is at the discretion of the crypto investors, cryptocurrency exchange platforms have the potential to narrow down the list of worthy coins. The exchanges pen down a list of tokens associated with worthy blockchain projects, which is precisely what Upbit, the topmost cryptocurrency exchange of South Korea, does.
Upbit for Tokens
The Chief Executive Office of Dunamu that backs Upbit, Lee Sir-goo, in a recent interview stated that cryptocurrency exchanges work under strict guidelines just like Nasdaq and Kosdaq, which have regulations for handling stocks. The statement was made by Lee is just before the Upbit Inaugural Conference on BC technology held in Jeju Island.
Lee further remarks that amongst the 20,000 crypto coins circulating worldwide, a remarkable way of listing them is by narrowing the coins that have paid the listing fee. Leo ascertains that a flexible exchange platform’s job is to help investors by picking out the apt blockchain technology and crypto tokens, necessary for enhancing their investment scope.
With this vision, Upbit ensures the transparency in the crypto trading and assures to prevent fraudulent activities like money laundering. This exchange platform is capable of supporting coins which are pegged with fiats like US dollar or Korean Won.
Lee is Steering the Wheel of Fortune
Former chairman and co-founder of Kakao, a gigantic mobile messaging app, Lee had started his career with Upbit in January 2018 as the Chief Executive. His decision was steered by trending emergence of cryptocurrency prices and the evolution of blockchain.
Since his joining, Lee is leaving no stone unturned to steer Upbit, which is currently under the allegation for laundering of money. Lee understands the concern of the government associated with the exchange platforms where any organization having the underlying technologies can generate a new virtual token for the platform, but Lee is trying hard to prove that Upbit works within the range of its regulatory framework.
Lee further expresses that like a single rotten apple can infect others, similarly wrongdoing by any exchange platform raises question against the entire blockchain industry. But with a determination to prove this thinking as a myth, Upbit is striving hard for strengthening the guidelines required to safeguard the interest of the investors.
To this, the chief executive added that in a broader perspective the cryptocurrency exchange would have a prominent part to play in enhancing the evolution of blockchain sector. Thus to make tokens as an integral part of the business, it is essential to have a token-reward system wherein blockchain systems having decentralized application can function on its own. In addition, enhance the availability of the tokens, it is imperative to circulate the tokens to a broader audience and make them accessible for trading, and this is where cryptocurrency exchange will step in.
Additionally, Lee states that cryptocurrency exchange can be compared to a stock market. Justifying his statement, the executive cites that organizations issue stocks and make to the public in order to enhance funds required for smooth running of the business. In a similar way, blockchain technology enhances fundraising by issuing coins and making them public. With this vision, Upbit is planning to invest a sum of over $80 million to the blockchain sector for the coming three years while envisioning to strengthen the internal blockchain system.
A Big Role for Dunamu
Lee stated that until now, Dunamu along with Kakao Ventures, the messaging giant, has been investing in a blockchain based startup Kodebox, while focusing on the gaming sector. It has also levied a portion of its investment in Ozys, a BC tech startup that created decentralized exchange Allbit. Besides, Dunamu and Kakao have made an additional investment in RootOneSoft, who are building an e-wallet for crypto.
Every day there is a birth of a new product, and new businesses are entering into the BC sphere, which is still an evolving sector. Lee affirms that they will continue more on investing in the blockchain sector and help in the growth of the blockchain-based business.