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Bithumb Deals With American Fintech Firm To Open Securities Token Exchange In U.S.

In line with a recent news by South Korean Yonhap News Agency, major South Korean crypto exchange ‘Bithumb’ has reportedly signed a deed of agreement with an American fintech firm in an attempt to open a securities token exchange within the United States. Citing people accustomed to the matter, Yonhap reports that Bithumb signed an agreement with American crowdfunding platform namely ‘SeriesOne.’

A Bithumb official supposedly told the news agency that:

“SeriesOne actively wanted to strike a deal with Bithumb exchange after assessing it as the most preferred partner. Bithumb can speed up its efforts to develop into a global financial firm as the blockchain-based asset tokenization is anticipated to unfold globally down the road.”

Security tokens, additionally permitting holders to purchase merchandise and services, usually promise investment returns and price appreciation, very similar like a conventional security.

Sources supposedly told Yonhap that SeriesOne can establish the exchange within the U.S. throughout the primary half 2019, whereas Bithumb provides investment and therefore the necessary technical support for operative the exchange.

Earlier this month, Bithumb declared that it might launch a global decentralized cryptocurrency exchange. The exchange is expected to be launched in partnership with blockchain firm One Root Network [RNT], that developed an Ethereum-based decentralized token dealings protocol known as R1. The R1 protocol supposedly separates order matching and execution, that RNT claims can improve security and matching potency.

As reported by EtherDesk earlier this week, Hong Kong-based crypto exchange Changelly disclosed that it had helped Bithumb recover some tokens that were lost throughout a devastating hack earlier this year. Bithumb at the starting lost over $30 Mln because of the hack, however managed to recover around $14 Mln with the assistance of its trading partners.

Changelly added that it was able to return around 1 Mln Ripple [XRP] tokens to Bithumb, that at the time of the hack were priced around $585,000 USD.

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