Bithumb Exchange Announces Plans To Enter World Crypto Market
The representatives of Bithumb, a major South Korean crypto exchange, announced the launch of its digital trading platform on the global crypto market, BusinessKorea reports.
The management of Bithumb intends to expand its activities on a global scale and to achieve world leadership in the digital market, as due to unclear regulatory rules the exchange development isn’t possible in the South Korean financial environment.
The Bithumb’s new trading platform will be a decentralized exchange (DEX). Many modern crypto exchanges involve a third party in their system, on the contrary, Bithumb DEX will provide traders with automated processes by which they will get an opportunity to trade cryptocurrencies on their own. Bithumb works with the blockchain company OneRoot Network, which already has a decentralized exchange, therefore, its team will help implement the development of a new platform.
Bithumb DEX won’t store cryptos on its platform as conventional digital exchanges that are subject to hacker attacks due to large amounts of digital currencies. At the new platform, traders will transfer digital funds directly between crypto wallets. Because of this, the decentralized exchange trades more slowly, but safer.
A spokesperson of the decentralized sector stated that Bithumb is one of the leading crypto exchanges on a global scale, but so far "most of its users are Korean". With its decision to create the decentralized trading platform, the Bithumb team wants to declare itself as a competitive exchange on the global crypto market.
As previously reported, Upbit, a South Korean crypto exchange, intends to launch a trading platform in Singapore.