" Only weeks after China moved in to restrict the activity of cryptocurrency exchanges, Korea seems to be taking over the trading world. New exchanges and listings are growing into a trend, as Seoul solidifies as one of the world's cryptocurrency hubs.
Recently, UpBit opened in Korea. The new exchange will partner with Bittrex for coin and token offerings as well as security. This will give the Korean market a greater access to many altcoins, injecting fresh fiat funds to boost market prices. The exchange has announced a meet-up in October.
UpBit also sets up Korean users for widespread cryptocurrency adoption, since it uses the features of KakaoPay. This is a newly released service that coexists with KakaoTalk, the most used chat app in Korea. Which means that from now on, a simple chat app will be the gateway to cryptocurrency buying for many new adopters. "
In addition to the new exchange allowing easy access to buying cryptocurrency, there was talk of listing the large Chinese projects, NEO and OmiseGo (OMG). More news is expected as the representatives of the two platforms meet up in Seoul, along with the creator of Ethereum Vitalik Buterin.
In addition, kakao company recently launched an online bank in addition to being an messaging app with in app payments "KakaoPay" [as well as a having twitter like blogging function]. Most likely Korean users will be able to trade immediately without verification as they have already verified their bank/ID for Kakaopay. this will probably lead to a huge spike initially in volume.
here is a pie chart of Korean BTC trading volume as of today :
sources: https://cryptovest.com/news/korean-exchanges-set-for-boom-after-chinese-restrictions/
https://cryptocompare.com/coins/btc/analysis/USD!
https://upbit.com/home