Bithumb and SeriesOne Crowdfunding Platform Partner to Start a Security Token Exchange
The popular South Korean cryptocurrency exchange Bithumb has signed a deal with a fintech company from the United States. The main intention is to open a securities token exchange un the US. The information has been released by Yonhap News on November 1.
According to individuals familiar with the matter, the fintech company working with Bithumb is SeriesOne. A Bithumb official explained that both of them will be working into a global financial firm.
About it, the Bithumb official explained:
“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.”
Security tokens work in a similar way as traditional security. They do not only allow holders and investors to purchase goods or services but they also promise investment returns and value appreciation.
During the last months, Bithumb has been working in many different upgrades for its platform. At the beginning of October, Bithumb announced that it wants to launch a new global decentralized cryptocurrency exchange. In order to build it, the exchange will be working with the blockchain company One Root Network (RNT). The RNT startup is based on the Ethereum network and it separates order matching and execution, improving security and matching efficiency. However, Bithumb will have to pay close attention to the user interface and how they create a user-friendly platform.
Bithumb is currently the largest virtual currency exchange by trading volume, handling $1.93 billion dollars in the last 24 hours. The most important trading pairs are BTC/KRW, XMR/KRW and ZEC/KRW.
Other exchanges such as Binance are also working in their own decentralized platforms. Centralized exchanges are fast and easy to use but they are not as secure as decentralized solutions.
The company SeriesOne was established back in 2013 and it has been accredited by the Securities and Exchange Commission (SEC) for crowdfunding. Furthermore, both companies have decided to form SeriesOne Korea, a branch office in Korea.