[THE INVESTOR] JEJU ISLAND -- Song Chi-hyung, founder and chairman of Dunamu, operator of Korea’s largest cryptocurrency exchange Upbit, believes there will be a blockchain-based service that could become mainstream in the next couple of years, like Google or Amazon for internet.
“Just like how Netscape laid the foundation for internet to become mainstream, cryptocurrency wallets and exchanges will lead the popularization of blockchain technology,” Song said at the Upbit Developer Conference held on Jeju Island on Sept. 13. “I believe it will happen in the next two to three years.”
While blockchain is the latest hot topic, the budding technology is yet to see real-life applications for users for further development. Developers will play a leading role in making blockchain mainstream, he emphasized.
Song Chi-hyung, chairman and founder of Dunamu speaks at the Upbit Developer Conference 2018 in Jeju Island.
“Dunamu’s role as an exchange is to launch better investment opportunities and projects as soon as possible,” he said. “In cooperation with Dunamu & Partners and Lambda 256, we will grow Upbit as Korea’s leading exchange and the best blockchain firm.”
Under the goal, Dunamu’s investment arm Dunamu & Partners will invest 100 billion won (US$89.30 million) in blockchain technology over the next three years, which includes investing in blockchain startups and possible mergers and acquisitions.
The firm will also invite various firms to be part of Dunamu’s blockchain ecosystem through a new platform developed by its research arm Lambda 256.
At the forum, Song stressed Upbit will abide by regulations to become a secure and reliable exchange for traders.
“We will become a regulation compliant exchange, by providing enhanced wallets and increased speed of transactions, as well as adopt high-level anti-money-laundering and know-your-customer measures on par with financial institutions,” he said, adding that it will also upgrade coin listing and trading process, and conduct voice phishing and ICO scam prevention campaigns.
Upbit also operates Korea’s first cryptocurrency index called UBIC. Based on the observation of the index, Song sees the cryptocurrency market as fairly immature, despite the large volume of trade.
“The prices of different coins tend to move in a similar direction, unlike the stock market with different prices by industries and companies,” he said. “The market will become more mature when more coins become less correlated to each other, and ready for wider adoption.”
By Ahn Sung-mi (firstname.lastname@example.org)