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. Citingpeopleaccustomed tothe matter, Yonhap reports that Bithumb signedan agreement withAmericancrowdfunding platform namely ‘SeriesOne.’
A Bithumb officialsupposedlytold the news agency that:
“SeriesOne activelywantedto strike adeal withBithumb exchangeafterassessing it as themost preferredpartner. Bithumbcanspeed upits efforts to develop intoa global financialfirmas theblockchain-basedassettokenizationis anticipatedtounfoldglobally down the road.”
Security tokens,additionallypermittingholdersto purchasemerchandiseand services,usuallypromise investment returns andpriceappreciation,very similar like a conventionalsecurity.
Sourcessupposedlytold Yonhap that SeriesOnecanestablish the exchangewithin theU.S.throughoutthe primaryhalf2019,whereasBithumb provides investmentand therefore thenecessary technical support foroperativethe exchange.
Earlier this month, Bithumbdeclaredthatit mightlauncha globaldecentralizedcryptocurrency exchange. The exchangeis expected to belaunched in partnership with blockchain firm One Root Network [RNT],that developedanEthereum-based decentralizedtokendealingsprotocolknown asR1. The R1 protocolsupposedlyseparates order matching and execution,thatRNT claimscanimprove security and matchingpotency.
As reported by EtherDesk earlier this week, Hong Kong-based crypto exchange Changellydisclosedthat it had helped Bithumb recover some tokens that were lostthroughouta devastating hack earlier this year. Bithumbat the startinglost over $30 Mlnbecause ofthe hack,howevermanaged to recoveraround$14 Mln withthe assistanceof itstradingpartners.