Key Takeaways:
- Dunamu, the parent company of South Korea’s largest exchange, launches a new institutional custody service.
- Upbit is also partnering with MB Bank to build Vietnam’s first regulated crypto exchange.
- Vietnam passed the Law on Digital Technology in July, boosting the crypto industry.
The Asian digital asset market is rapidly maturing, and at the forefront of this trend is Dunamu, the parent company of South Korea’s biggest cryptocurrency exchange, Upbit. According to Kaiko’s research, the firm holds 69% domestic market share and is the fourth largest cryptocurrency exchange according to CoinMarketCap in terms of volume. Upbit has announced two major developments designed to significantly advance its strategic expansion into both institutional services and new global markets.
Upbit Targets Institutions
As reported by the Korea Times, Upbit is planning to launch a new custody service exclusively catering to corporate and institutional clients. The platform holds 100% of deposited assets in cold wallets, which are completely offline to reduce cyberattack risks, and uses multi-party computation (MPC) and distributed key generation to avoid single-point failures.
For maintaining operational excellence and internal compliance, Upbit has announced features such as customizing wallet management by asset type, along with role-based access controls and multi-step approval workflows. Moreover, the service combines anti-money laundering (AML) and fraud detection capabilities to provide real-time monitoring of suspicious activities, assuring regulatory compliance and audit readiness.
Upbit to Launch Vietnam’s First Crypto Exchange
Apart from targeting institutions, Upbit is expanding its footprint in new markets, targeting retail customers. Upbit’s parent company, Dunamu, has signed a Memorandum of Understanding (MoU) with Military Commercial Joint Stock Bank (MB) at the Vietnam-Korea Business Forum in Seoul this week to establish the country’s first regulated crypto exchange, as reported by The Korea Herald. MB Bank is one of Vietnam’s leading state-linked banks operating under the Ministry of National Defense.
Dunamu will work with MB Bank as a key partner on technology, infrastructure, compliance support, investor safeguards, and training to help develop a trusted digital financial ecosystem in Vietnam.
The deal comes at a time when Vietnam takes steps to formalize supervision of digital assets. The Law on Digital Technology Industry was passed in June, legalizing them and creating a controlled market.
Furthermore, in July, Dunamu Vice Chair and Co-Founder Kim Hyoung-nyon met with Prime Minister Pham Minh Chinh, pledging the company’s commitment to collaboration in Vietnam’s digital economy.
Dunamu CEO Oh Kyoung-suk said that Vietnam is a growing market with –
more than 20 million virtual asset holders, over $800 billion in trading volume and the world’s fifth-largest inflow of blockchain-based assets
Additionally, MB Bank Chair Luu Trung Thai added,
MB and Upbit will work together as trusted partners to advance Vietnam’s digital finance market.
Upbit is positioning itself as a key player by targeting both institutional and emerging retail adoption in Southeast Asia’s fast-growing economies.
