Upbit operator Dunamu launches OTC trading app U-Stockplus

Dunamu, operator of global cryptocurrency exchange Upbit, said it has launched a comprehensive over-the-counter trading platform on Thursday that will allow users to both sell and purchase unlisted stocks.

The platform dubbed U-Stockplus, released in the form of an app, is available for download on Google Play. It will be available as an iOS app in mid-November. 

The fintech firm joined hands with local brokerage Samsung Securities and big data analytics company Deep Search to resolve the issues of “information asymmetry” -- which prevents buyers from learning detailed information about the stocks.

The interface allows users to check the financial health, market value and latest issues related to unlisted stocks issued by 4,000 firms, at a single glance, the company explained. The data is analyzed jointly by Dunamu and Deep Search’s big data system.

To minimize the process of placing both “buy” and “sell” orders, the investor can directly contact with the seller after checking key information uploaded by the seller.

“While unlisted stock trading market has been growing overseas due to active trading, South Korean market has remained largely untapped,” a Dunamu official said.

“We plan to vitalize the unlisted securities market with experience as an operator of stock trading apps,” the official added. (mkjung@heraldcorp.com)