Bithumb to Open Security Exchange in America

By Chetna Phour

Bithumb, the dominant South Korean cryptocurrency exchange has recently signed a deal with a United States based fintech company to open a securities exchange in America.

Bithumb is a crypto exchange which is headquartered in Seoul, South Korea. In terms of daily transaction, the cryptocurrency exchange is a market leader. Bithumb is one of the most popular cryptocurrency exchanges in South Korea. In June this year, Bithumb was hacked and as a result, it lost over $30 million. But with the help of industry partners, Bithumb managed to recover around $14 million. The Hong-Kong based cryptocurrency exchange Changelly revealed last week that it had helped Bithumb to recover some tokens. According to Changelly, it had returned 1,063,500 XRP tokens to Bithumb. These XRP tokens were worth $585,000 at the time of hack.

The cryptocurrency exchange is planning to expand its reach to the United States users by opening a security exchange. To achieve its goal, Bithumb signed a deal with an American crowdfunding platform SeriesOne. According to a Bithumb official:

“SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.”

SeriesOne is a crowdfunding platform which offers its services to the companies which require capital to grow their business and provide investors an opportunity of investment in private and innovative companies. The platform enables the entrepreneurs and businesses to raise money through Initial Coin Offerings (ICOs) in which tokens are issued on blockchain as well as equity and debt securities. SeriesOne is trying to offer freedom and opportunity for businesses and investors.

Security tokens allow the holders to purchase goods and services. Security tokens usually offer investment returns and value appreciation like traditional securities. According to the reports, SeriesOne will establish the cryptocurrency exchange in the United States in the first half of 2019. Bithumb is going to provide investment and technical support which is needed for operating the crypto exchange.

Earlier this month the crypto exchange Bithumb also announced that it is going to launch a global decentralized cryptocurrency exchange in partnership with blockchain company One Root Network (RNT). One Root Network developed an Ethereum based decentralized token protocol R1 which will improve the security a matching efficiency.