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A memecoin built on the layer-2 scaler Base has jumped more than 50% after receiving surprise trading support from the South Korean crypto exchange giant Upbit. Upbit listed Toshi (TOSHI) earlier this week, sending the asset from trading around $0.00063 on Tuesday to a high of $0.00112 on Wednesday morning, a low-to-high increase of nearly 78%. The 230th-ranked crypto asset by market cap has since partially retraced and is trading at $0.000907 at time of writing. TOSHI is still up more than 52% in the past week and nearly 33% in the past month. Toshi bills itself as “the mascot” of Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution. Explains the project’s website, “Toshi aims to become the Face of Base and a leading figure in the burgeoning Base ecosystem. Leveraging a robust meme culture and an expanding community, Toshi strives to be the premier memecoin on Base, drawing in the masses with its significant utility and industr...

South Korean crypto exchange Upbit has secured a full license in Singapore, enabling its digital asset business to expand in the region. Upbit received final regulatory approval in Singapore with the exchange announcing it had secured a full license on Jan. 8. The latest development is three months after the exchange announced it had received in-principle approval from the Monetary Authority of Singapore (MAS) for offering digital token payment services. “This license marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore’s thriving digital ecosystem.” Alex Kim, founder and CEO of Upbit Singapore Notably, Upbit Singapore, established in 2018, serves a diverse clientele catering to retail and institutional participants. The Singapore crypto firm has ties to one of South Korea’s largest exchanges, Upbit Korea, which was founded in 2017. You might also like: Up...

Dunamu reported a net profit of $23 million in the third quarter of 2023, a steep drop compared to the $123 million it earned in Q3 2022. Dunamu, the owner of Upbit, one of South Korea’s biggest crypto exchanges by trading volume, saw a drop of 81.6% in net profit in the third quarter of 2023 compared to the same period last year.  The company reported a net profit of 159.9 billion Korean won (KRW), worth around $123 million, in 2022 Q3. However, on Nov. 28, the company said that in the third quarter of this year, it could only generate 29.5 billion KRW, worth around $23 million. This marks a drop of 81% in the company’s net profit . The firm cited a “sluggish investment market” due to an economic downturn as the reason for its sales drop. In addition, Dunamu noted that the decline in net profit was because of the drop in the prices of virtual assets compared to the previous quarter.  Nevertheles, Dunamu believes that popularizing blockchain services will be a key driving force i...