On the 12th, Doonamu, the operator of the cryptocurrency exchange’Upbit’, announced that it will organize DXM, a subsidiary that developed cryptocurrency financial services, and will go directly to staking and custodial. In the case of staking, he said he plans to launch a formal service within this year.
(Staking: Holding assets in a cryptocurrency wallet to support the operation of the blockchain network)
(Custody: A service that stores and manages customers’ assets on their behalf)
Earlier, Upbit announced in January that it will end the Upbit staking beta service. The exchange revealed the reason for terminating the service, saying, “We plan to renew it to provide better service,” and said, “We are planning to release a formal service soon, and only the beta service has ended,” an official said.
An official of Upbit explained, “After starting the service, the reaction was so much better than expected, so we will upgrade the system to handle the staking volume in the long term, and then release the official service.”
As for the release time, he said, “I don’t know how long it will take depending on the system upgrade period, but we are aiming to release it within this year.”
In addition, Upbit said about the background of the transfer of DXM’s business to Dunamu because it was judged that Upbit would have market competitiveness to directly provide services such as DeFi (decentralized finance) and custodial (consignment). He added, “After relocating the headquarters, we plan to expand our digital asset quality custody business, and then consider separating subsidiaries according to the maturity of digital assets.
However, he said that the DXM was not organized with the revision of the’Specific Financial Information Act’ in effect from the 25th in mind.