The press service of Upbit, South Korea's largest trading platform, said that from January 18, 2023, their customers will be able to buy and sell Shiba Inu (SHIB) tokens and convert them into Korean won. The digital currency provider was approved by law enforcement agencies after it was able to demonstrate that its asset posed no additional risks.
In addition, Gala (GALA) will also become part of this trading system and people will have access to bitcoin (BTC) combinations. Korbit became the very first South Korean exchange to list Shiba Inu in November 2021.
Founded in 2017 by Dunamu, Upbit has become one of Southeast Asia's leading digital asset trading platforms in five years. Currently, Upbit has suspended deposit and withdrawal of funds with Stellar (XLM) cryptocurrency because South Korea has a commission that studies digital assets, assessing their risk to investors; if any virtual currency is suspicious, it is banned from the country's leading cryptocurrency exchanges.
In early January 2023, Dunamu established itself as a reliable partner in sports affairs when it announced an agreement according to which the Upbit logo will appear on the T-shirts of Napoli SSC (Italian football team) during the Serie A games.
Five platforms licensed to operate in South Korea - Upbit, Bithumb, Coinone, Korbit and Gopax - collectively account for more than 99% of the country's cryptocurrency market.