- Details made public to ensure trustworthy and transparent trading platform for users
- Listing process includes evaluation of 21 total categories for 3 key criteria
[Seoul, Korea – October 11, 2018] Today, Upbit, Dunamu Inc.’s crypto-asset exchange company, made the company’s listing process public, describing it as an important step in continuing to ensure a trustworthy and transparent trading platform for users.
Sirgoo Lee, CEO of Dunamu, stated, “Upbit has been able to engage with a large number of blockchain projects faster than any other exchange due to high global interest, and that has allowed us to continuously develop our evaluation capabilities. In addition to our basic principles of supporting promising projects and cost-free listing, we wanted to clearly communicate our full listing process to Upbit users.”
Lee added, “By making the listing criteria and review process fully transparent, we hope to provide a comprehensive evaluation guideline for both blockchain projects and investors, while strengthening Upbit’s global competitiveness at the same time.”
After launching in partnership with Bittrex in October 2017, Upbit initially incorporated Bittrex’s criteria when listing new crypto-assets for its Korean Won (KRW) fiat market. As the KRW market grew over the last year-plus to comprise over 80% of the exchange’s total transactions, Upbit implemented an independent listing process for the KRW market based on their partnership with Bittrex, which reflects the exchange’s specific expertise for the KRW market.. Upbit will continue to use Bittrex’s listing criteria when listing new cryptocurrency assets for its crypto markets.
Upbit’s listing process for the KRW market evaluates 21 total categories for 3 key criteria:
- Transparency of Project – Overall quality of project, legal framework and compliance, technical capabilities, use case of crypto-asset, value-added factors, etc.
- Transaction Support – Response capabilities for engineering or compatibility issues regarding transactions, etc.
- Participation Equality – Initial token issuance and allocation process, transparency of network operation, etc.
The listing framework is applied both pre and post listing in order to support the development of promising blockchain projects. The pre-listing process is comprised of market research, project review, candidate selection, submission to internal committee, followed by committee evaluation. Through post-listing reviews, Upbit will provide users with practical investment information, such as identifying projects with low liquidity. Such projects must repair identified issues and failing to do so can lead to de-listing.”
Full details on Upbit’s KRW market listing process can be found on the exchange’s official website (https://static.upbit.com/guide/upbit_listing_checklist.pdf), and all evaluation decisions will also be made public via the site.