South Korean cryptocurrency change Bithumb has joined the league of exchanges diversifying their worldwide choices by establishing a US securities buying and selling platform.
Preempting ‘Global’ Blockchain Asset Tokenization
Through a partnership with blockchain fundraising platform SeriesOne, Bithumb seeks to hurry up its development right into a “global financial firm” by cornering the securities token market, native South Korean media outlet Yonhap News Agency reported Nov 1.
The announcement comes days after US exchanges Bittrex and Coinbase introduced they had been making ready to launch worldwide variations of their exchanges catering to non-US residents in a bid to bypass the nation’s advanced laws.
“SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner,” Yonhap quotes an unnamed Bithumb official as saying.
Bithumb will ramp up efforts to grow to be a world monetary agency because the blockchain-based asset tokenization is predicted to unfold globally down the street.
Platform To Launch By Q3 2019
The partnership will leverage SeriesOne’s license to function as an setting for buying and selling cryptocurrency tokens deemed to be securities by US regulators. The joint platform, Yonhap says quoting nameless “sources,” ought to debut “during the first half of next year.”
In a tit-for-tat transfer, SeriesOne has already expanded into the South Korean market, the place it additionally plans to commerce securities.
The nation continues to switch its stance on the cryptocurrency trade, authorities nonetheless opting not to end the nation’s fourteen-month-old ban on ICOs.
“Although many people call for the government to allow initial coin offerings, there are still uncertainties related to such a move as well as the possibility of serious fallouts,” Financial Services Commission (FSC) Chairman Choi Jong-ku mentioned throughout a parliamentary assembly earlier in October.
At the identical time, Bithumb noticed a change of possession place it within the arms of Singapore investor BK Consortium, which bought the change for $353 million.
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