On August 28, Dunamu, which owns Upbit cryptocurrency exchange, announced that it has launched a phone number transfer function that allows users to send and receive digital assets between Upbit accounts without commission using mobile phone number.

The phone number remittance function can be used by clicking the “Withdrawal” tab of the digital asset you want to remit from the “Deposit and Withdrawal” menu in the Upbit mobile app. After entering the amount of withdrawal, you can directly enter the mobile phone number to be remitted or select from the contact information. You must also enter the real name of the remittance target, and if the real name and mobile phone number do not match, the remittance will be automatically cancel after 24 hours. Finally, when Kakao Pay verification is completed, a “remittance” text message is sent to the recipient.

If the remittance target is an Upbit member with security level 2 or higher, you can receive digital assets without additional authentication, and for security levels below that, phone number (level 1) and email (level 0) authentication are required. Non-members can receive remittance after signing up for an Upbit member and verifying security. If you do not proceed with the remittance within 24 hours, the remittance will be automatically cancelled.

Upbit phone number remittance is supported only by domestic mobile phone numbers, and the limit of remittance is KRW 500,000 per KRW and KRW 5 million per day. Remittance details can be checked at any time in the digital asset deposit/withdrawal menu and the investment history menu.

An official of Upbit said, “To enable fast and easy digital asset remittance between Upbit customers, we have provided a function to send and receive remittances with only a mobile phone number. We plan to continue to roll out new features that will help us efficiently invest and manage our digital assets.”