Crypto’s Exchange Upbit has launched a wave of currency listings in response to its commercial volume growth of its South Korean rival Bithumb.
South Korean newspaper Kyungjae reported that UPBIT has listed seven tokens in the last 10 days.
UPBIT listing spree: Will Bithumb’s increase stop?
The departure wrote that on September 9, Bithumb’s internal market share increased to 46%, with the participation of UPBIT by 50.6%.
UPBIT has dominated the South Korean market since around 2022, enjoying the domain of the market share above the 80% brand in a few months.
This has led some legislators to complain that their operator, Dunmau, has become the de facto monopoly of the cryptographic exchange sector.
But Bithumb has been saving the UPBit market share in recent months. He has reached an association agreement with Kookmin Bank, the largest financial player in South Korea.
And he has also launched a Spin -off company, since it seems to become the first national exchange to debut in the Nasdaq Stock Exchange.
UPBIT seems to have responded to Bithumb’s resurgence by launching new Altcoins couples and listing a broader range of coins.
An unidentified South Korean exchange official told the media outlet that UPBIT worries Bithumb has reduced the market share gap to less than 5% without resorting to novel promotions. The official said:
“The UPBIT cannot avoid feeling a sense of crisis.”
WLD list
The media wrote that UPBit’s response to Worldcoin (WLD) The growth of commercial volume in South Korea has been revealing.
When WLD transactions volumes brought Bithumb’s market share at 46% on September 9, UPBIT responded quickly.
Upbit announced that WLD would list at 7 PM KST the same day and completed its list only two hours later, at 9 PM KST.
The last UPBIT list, at 1:30 AM KST of September 11, was the line (line). The September list account of the exchange has already exceeded its total number of listings for all August.
Customers may suffer, experts warn
The market leader has traditionally taken a much more conservative attitude towards the list of coins than Bithumb, which also continues to add coins to its platform.
If the two companies are wrapped in a list of listings, critics warn, customers could suffer in the long term.
Experts said they were “worried” that “fierce competition between exchanges” could lead to the platform managers to make “hurried decisions” that “compromise the revision process.”
The experts pointed out that while they list the frantic continue, the events that cause the events of the South Korean list are becoming more common.
Bithumb, Upbit and its closest rivals, Korbit, Coinone and Gopax, have been eliminated a combined total of Altcoins.
Several of these coins had been recently quoted on the platforms. An unnamed cryptographic industry executive suggested that Seoul efforts to monitor the sector may be to blame.
The source said:
“Regulators only allow national exchanges to provide the spot trade. That means that the only way they can compete with each other is expanding their listings. It is ironic that the attempts of the regulators of monitoring the industry are stimulating competition and weakening the protection of investors.”
The UPBIT Post will list coins when the Bithumb Claws market share appeared first in Cryptonews.
