[THE INVESTOR] Upbit, the nation’s largest crypto exchange operated by Dunamu, has become the third-largest globally in terms of trade volume, according to the latest report of Blockchain Transparency Institute published on Dec. 13.
BTI has published exchange rankings since August, with aims to offer more transparent, data-driven insights into the market. From this month, the rankings reflect transactions through mobile apps and API trade while excluding wash trading for more accurate calculation.
Based on the renewed analysis, Upbit’s 24-hour trade volume was US$241 million in December, the third-largest after Binance and Bitfinex, and up from its seventh rank in November.
“BTI has continued to improve the accuracy of its analysis system. The data-driven exchange information will be helpful in better protecting investors,” an Upbit official said.
In the meantime, CoinMarketCap, the market tracker whose data is more widely cited, ranks Binance as the third-largest platform by 24-hour volume, with Bifinex at 21st and Upbit at 39th.
By Lee Ji-yoon (firstname.lastname@example.org)