Establishing a Presence
South Korea is a major hub for the world of blockchain. Cryptocurrency exchange, Bithumb, is the largest within this forward thinking nation.
While Bithumb has experienced wild success in years past, enduring ‘crypto-winter’ came at a great cost. It was recently revealed that Bithumb managed to lose over $180 million in 2018 alone. Despite this, the company has their sights firmly set on moving onwards and upwards.
Recognizing the potential, and industry trend towards security tokens, Bithumb has not hidden their intent to delve into this burgeoning sector. This intent has led the company to develop various strategic partnerships, along with key investments. Examples of these include seriesOne and CodeBox.
While news broke late last year that Bithumb would be working with seriesOne to develop a United States based security token platform, the company more recently invested in CodeBox. This investment is key, as it gives Bithumb access to a tokenization platform developed by Codebox over the past few years. This platform offers technology facilitating, both, the issuance and management of digital securities.
The technology available to Bithumb through their investment in CodeBox will prove important when they eventually launch their United States based security token platform. The launch of this platform is, of course, dependent on receiving the appropriate licensure from regulatory body, SEC (Securities and Exchange Commission.) This licensure entails an Alternative Trading System licence, which has already been applied for.
In their announcement, a spokesperson from Bithumb commented on the development. The following is what he had to say on the matter.
“Bithumb strives to cooperate with promising startups that have gained recognition for their technology and promote related industries, as well as becoming a firm with leading blockchain technology itself.” He also asserted, “The method that combines cryptocurrency and blockchain with real economy such as security token is believed to determine the success of the blockchain industry.”
Bithumb is a South Korean digital assets exchange, which has grown into the largest of its kind within the Asian nation.
Company operations are overseen by CEO, Jaewon Choi. This position was given to Jaewon Choi in early 2019 after his predecessor, Behkyoung Huh, stepped down after only 9months.
Codebox is a blockchain based company, which has developed an issuance and management platform. This platform, tailored towards digital securities, has resulted in the strategic investment discussed here today. This platform is known as CodeChain, and is a comprehensive solution, addressing the entire lifecycle of digital securities.
In Other News
As Bithumb continues to work towards the launch of a security token platform, we continue to cover their key moves and partnerships. Check out the following article to learn more about their past moves, and how they find themselves in the position they do today.