Bithumb Partners With SeriesOne To Launch A Secured Crypto Exchange

Nov 1, 2018 at 12:00 Update Date :Nov 15, 2018 at 13:10 UTC

South Korean crypto exchange Bithumb has teamed up with the crowdfunding platform SeriesOne to launch a compliant security token exchange within the U.S.

The venture was disclosed during an announcement from SeriesOne shared on Thursday, that adds that the exchange launch continues to be subject to restrictive approvals from the U.S. Securities and Exchange Commission (SEC) and also the financial industry regulatory authority (FINRA).

Bithumb has recently proclaimed plans to launch a decentralised crypto trading platform, whereas, the regulated crypto exchange Bakkt is predicted to create its U.S. debut this month. SeriesOne and Bithumb will go head-to-head with Patrick Byrne’s Tzero exchange, that is equally a trading platform for blockchain-based tokens that are registered as securities with regulators.

SeriesOne already offers an SEC-regulated platform that supports comes launching initial token offerings, as well as traditional equities and debt offerings.

“I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange,” said seriesOne CEO Michael Mildenberger.

Bithumb is additionally investing in a SeriesOne entity in South Korea so as to scale technical development and promoting, the release indicates.

The CEO at Bithumb, Back Young Heo, said:

“We are not only impressed by the mix of talent between investment banking, compliance, and technology of the seriesOne team but also with their deep understanding of US securities regulations and how they apply to token offerings.”

The news comes months after a significant blowback for the Korean exchange. Back in June, Bithumb was hacked for nearly $31 million in cryptocurrency. Later the same month, the exchange claimed that it had reduced the losses to $17 million once retrieving a number of the funds.

After creating security enhancements, the exchange aforesaid in August that it had been trying to renew its contract with the native Nonghyup bank to supply new account registrations once more.

Last month, Bithumb sold-out over thirty-eighth of its total possession to a blockchain syndicate based out of Singapore for $350 million.

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