Major Exchanges Expanding to US, Singapore Markets
Competition in the cryptocurrency exchange market is heating up. After major US based exchange and wallet Coinbase received USD 300 million injection for its global expansion, another giant is reportedly preparing to enter the US.
South Korean cryptocurrency exchange Bithumb is reportedly set to branch out to the United States, and could be set to debut a securities-type exchange platform in the country as early as next year.
Bithumb is the largest exchange by the 24 hour trading volume, which stands at almost USD 1.8 billion, according to CoinMarketCap,
Aju News states that “industry sources” have confirmed that Bithumb has made an undisclosed investment deal with American fintech firm seriesOne, with the South Korean exchange also set to provide the technical support required to build a new “securities-type token exchange.”
The same media outlet states that the exchange will open in the United States “in the first half of next year,” with Bithumb providing “technological and trading solutions” for the new platform. Aju News also claims seriesOne initiated the contact between the two parties, and that it requires technological support in order to ensure United States Securities and Exchange Commission (SEC) compliance.
Bithumb’s closest rival, Upbit, this week completed the launch of Upbit Singapore. Per its website, the new exchange platform offers Singapore dollar trading for 155 digital tokens. Upbit has spoken recently about boosting its “global competitiveness,” and is thought to be preparing further overseas expansion plans.
Industry experts have predicted that Bithumb, which is thought to already have Singapore-based subsidiaries, will also be opening a Singapore branch in the near future. This move seems increasingly likely after the head of a Singapore-based company recently purchased a majority stake in Bithumb.
Bithumb was also boosted late last month by the news that some USD 585,000 worth of stolen Ripple (XRP) tokens had been recovered by a Hong Kong exchange. The tokens were stolen by hackers in June as part of a USD 32 million raid.
Top 10 markets on Bithumb: