Upbit recently listed STEEM-KRW and SBD-KRW
After discussing this with some users recently it seems to have passed by many, so I decided to post some more info on this.
What is upbit?
Upbit is a new Korean exchange collaborating with Bittrex. It is launched by Korea's biggest messaging app developer, Kakao. The exchange was announced around the same time Korea passed China in trading volume so this makes it a pretty big deal.
The Kakao Corporation is pretty big in Korea as its messaging app, Kakao Talk, is the most popular messaging app there and they have the second most popular search engine, Daum. Not only can people use the app as a payment system and buy stocks via the Kakao Stock platform, but it also offers other services similar to Uber, music streaming, video sharing and a popular mobile gaming network.
What does this mean for Steem?
Not only can users now buy cryptocurrencies through their mobile app, but Upbit is now one of the first to allow direct purchase of Steem through fiat currency.
It was not such big news when they added STEEM-BTC and SBD-BTC at first, since they collaborate with Bittrex, it meant that all orders executed on Bittrex were exactly the same as on Upbit. Now that they allow for fiat trades with only a few clicks on your phone, this is the results so far.
Remember the recent SBD and Steem pump? Check out what the mini charts on Upbit look like for SBD and Steem:
As you can clearly tell, the same day SBD and STEEM started trading for the fiat currency KRW, the volume and prices spiked on both.
The goal of upbit is to become the largest exchange in South Korea, this would mean they would have to surpass exchanges such as Bithumb which lately has been in top 3 worldwide in volume and others such as Coinone and Korbit.
With the rising activity of South Korean users here on Steemit lately, proven by these traffic stats from steemittraffic:
I am glad that they have an easy way to purchase and sell Steem into fiat and I hope more exchanges will add Steem in 2018 to make it easier for the rest of us.
What are your thoughts on this?
Thanks for reading!
Do you know the EU based Uquid crypto debit card? They have integrated 75 different crypto currencies, STEEM and SBD being two of them.
I don't actually, need to check it up!
Heard Steem and SBD were added to Payza as well!
Mahh man! Awsome! Oh yes! Its actually 89 altcoins :))
@acidyo, good reminder here. Have you noticed that Bittrex is now requiring "advanced verification" from its users? This includes submitting a photo of your passport and a Selfie. Just curious about your take on this. As Bittrex is in partnership with Kakao, i imagine similar requirements will become mandatory.
Yeah, hadn't used Bittrex in a while and was surprised they required that all of a sudden, could also be a cause to the unresponsiveness users have been noticing lately with Bittrex which I talked about in my last post, maybe they just have a lot of stuff on their plate with recent developments and the flood of new users storming in.
I hope we will be seeing some more decentralized exchanges in the future, or at least some that are better than open.ledger :P
At least it's not a large amount i have tied up there. I hope you're right that they're dealing with a flood of new users so they're unable to address some issues people are having atm.
Yes, we NEED some decentralized exchanges!
Openledger's biggest problem is the dark UI and the way prices are shown. I really don't like it when prices show 0.8 Open.Steem/USD. They should show the other way, that is 1.25USD/Steem.
I have to calculate the price everytime I put an order.
Update:
After the recent update of openledger from .info domain to .io domain, I have been having problems with transfer confirmations. The page loads properly but when I click confirm, it says an error has occured. Overall it is much better than other costly services like blocktrades.
What are your favorite exchanges at the moment?
I like binance at the moment, 0.05% trading fees are sweet! I only keep a small amount on exchanges though.
Nice, I haven't tried Binance before. Appreciate the recommendation :)
Nicely Discussion. .
Just click that landing screen away. It’s a trap but it isn’t compulsory (not with my local IP anyway).
Works perfectly without submitting but you are limited to only 100BTC/day with the normal lvl1 verification. Which... oh crap, only $1.1m/day.
THIS IS SO IMPORTANT
FIORST Fiat Pair for STeem/SBD and it is SERIOUSLY pumping SBD price!
I guess the people using this Korean Exchange are not aware that SBD is pegged to $1 and is not supposed to keep going up like this?
Hah We should tell peopleabout this, be honest let the,m know that SBD pump only helps steem usres LOL
we should be pushing EOS more and more!
Explains a lot on the recent events, thanks for the clarification man. Korea is getting quite into all of this steem it seems!
That explains a lot of the recent upwards pressure on SBD. This is great news and hope more will follow so that people can transform their fiat into rest currency = Steem and SBD ;)
This would be great, so you don't need a detour with bitcoin or other cryptocurrencies to buy steem or SBD
Exactly. This detour sucks as a lot of money is eaten up in the exchange process
@dandesign86 & @acidyo: I can only agree with that. Thanks for posting.
Thank you 😊
Good News. .
Best of luck
@dandesign86
Nice!
Thanks for the explanation. It still seems crazy for the Koreans to be pumping SBD like this when it was designed to return to $1. It has even pumped harder than STEEM itself so it just doesn't make sense.
today it feels like when you have one day off , you miss big news , a bull or a dip market..everything goes so fast. I think in this case its the best to stay calm and not make emotional moves
wow this is amazing no doubt about it since many korean are using steemit too.. Some exchange platforms doesn't have steem and sbd this one is winner for me. koreans must be happy about it.
Love your acid drop on the social media giants @acidyo they are going to melt down for sure as more and more people start to use blockchain this way. Steem is the one showing the way.
Steemian @overkillcoin made the logo :)
Can highly recommend him!
oh yes I follow @overkillcoin great work and fun design.