Dunamu, a South Korean fintech firm, in collaboration with leading cryptocurrency exchange Bittrex, is going to the launch of a new cryptocurrency exchange ‘Upbit’.

Founded in 2012, Dunamu is the developer of News Mate, a mobile application that provides soft copies of newspapers and magazines in Korea. It also runs the specialized social trading app KakaoStock.

Reports suggest that the beta version of Upbit will be rolled out in October. The platform is expected to support a wide range of cryptocurrencies, over 100 tokens in total. During the initial stages, Upbit will support major digital currencies including bitcoin, Ethereum, Litecoin, and ripple with trading volume exceeding a certain amount.

Korea Joongang Daily quoted a Dunamu spokesperson saying:

“Bittrex does thorough legal and technological investigations on cryptocurrencies before they are listed in the market. Its founding members are security experts that worked in global IT companies such as Amazon and Microsoft so the company has an advanced security system.”

According to the Upbit website, BitGo, the provider of multi-signature solutions for cryptocurrency companies, has been roped in to provide wallet security to the Upbit’s customers.

Upbit users will also be able to use Kakao apps, including Kakao Talk and Kakao Pay.

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