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Korean Cryptocurrency Exchange Bithumb to Establish Exchange in U.S.
In Partnership with U.S Fintech Company
Korean Cryptocurrency Exchange Bithumb to Establish Exchange in U.S.
  • By Yoon Young-sil
  • November 2, 2018, 09:28
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Bithumb will establish a securities-type token exchange in the United States in partnership with U.S.-based fintech company seriesOne next year.

Korean cryptocurrency exchange Bithumb will make a foray into the United States where Bitcoin originated.

Bithumb announced on Nov. 1 that it has signed a contract with U.S.-based fintech company seriesOne to establish a securities-type token exchange, a kind of cryptocurrency exchange, next year.

Securities-type tokens are securities with smart contracts based on blockchain. Assets such as real estate, natural resources and media content are liquidated into tokens and profits are distributed to investors depending on the success of the projects.

seriesOne is a fintech company founded in 2013. It received a crowd funding license from the U.S. Securities and Exchange Commission (SEC). The company plans to set up an exchange in the U.S. in the first half of next year and Bithumb will provide related technology and take charge of the exchange business.

In order to establish a securities-type token exchange, it is necessary to acquire a license from the SEC. This makes it necessary to have a partner that has experience in the operation of a cryptocurrency exchange. seriesOne will submit related documents to the SEC to be listed on the U.S. unlisted stock trading market by the end of this year. The company will push for listing on the NASDAQ in the second half of next year as soon as the securities-type token exchange is established.

Another Korea-based cryptocurrency exchange, CoinOne has also decided to establish a new exchange named CGEX in Malta, Europe. This is CoinOne’s second overseas advancement after entering Indonesia in August.