Bithumb Rolls Out Blockchain And Crypto Research & Development Center In South Korea
South Korea-based crypto exchange Bithumb has opened its own R&D center, which means it’s also going to do research and development from now on.
The announcement was released on January 6. Bithumb now has the first South Korean blockchain and cryptocurrency research center. The company expressed its hopes on how the new initiative is going to impact it:
“Bithumb will become a leading company in the blockchain and cryptocurrency ecosystem by strengthening its own R&D capabilities.”
What Will the Center Do?
Employing 30 people, Bithumb’s R&D center is going to start its activity this month. The team will study the architecture design of blockchain systems in order to improve the analyses of blockchain transactions and crypto private key security. The team in charge with researching this architecture will look at systems that make high-performance transactions and respond to large orders at the same time.
Bithumb is also planning to perform blockchain analyses to isolate crypto trading transactions and come up with a system that generates user addresses for allowing withdrawals and deposits on the exchange.
Encryption-Related Security Enhancement Tech to Be Developed Too
Bithumb’s plans also include the development of encryption-related security enhancement technologies, the implementation of systems that make verifications and private keys’ storage safer, and the separation of functions. The research team will furthermore work to make the data exchange between databases and blockchains more available and performant, also to build a programming interface for its crypto trading applications and to upgrade its matching engine.
More and More Funds for Research
Since cryptocurrency and blockchain technologies are showing more and more potential, their research is starting to receive more funds. Only at the end of last year, China’s WeChat operator Tencent has been reported to have plans of forming a research group for digital currencies in order to advance blockchain-related projects.
China’s state-run media publication Xinhua has predicted the country is going to spend more than $2 billion on blockchain research in 2023, while Global Market Insights expects the blockchain technology market to have more than $16 billion until 2024.