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Bithumb and US Fintech Firm SeriesOne to Open Security Token Exchange in 2019

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South Korea’s largest cryptocurrency exchange, Bithumb, has signed a deal with an American fintech company to launch a security token exchange in the US, local outlet Yonhap News reports. Bithumb will be providing financial and technical support to SeriesOne in an attempt to create America’s largest security token exchange. Sources say that SeriesOne hopes to open the exchange sometime during the first half of 2019. Bithumb will be responsible for exchange operations upon launch.

Details of the Partnership

“SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner,” a Bithumb official said. “Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.”

Based out of the US, SeriesOne is a Securities and Exchange Commission (SEC) accredited fintech firm historically specializing in real estate and media content. The company has become increasingly involved in the crypto-space through crowdfunding efforts to support blockchain technology and security token offerings. Security tokens act similarly to traditional securities, with promised investment returns. The implementation of tokenized securities, however, provides the added benefit that goods and services can be purchased directly in exchange for an investor’s holdings.

SeriesOne’s partnership with Bithumb serves as part of a larger effort to branch out into Asian markets. The US company established a subsidiary in South Korea with the intent of issuing security tokens earlier this year.

Meanwhile, Yonhap News reports that SeriesOne is also attempting to have its shares traded on the US stock market. It’s rumored NASDAQ may be providing the company with a listing by the second half of 2019.

Suggested Reading Learn what we believe to be the best cryptocurrency exchanges on the market today.

Bithumb Recovers from June Hack

SeriesOne’s new partner, Bithumb, appears to be bouncing back after becoming the victim of one of the largest cryptocurrency hacks on record. The exchange lost over $30 million in cryptocurrency from the June 20th attack, but with the support of partners in the industry, has since recovered approximately $14 million in lost funds. Bithumb announced in August that it had made $35 million in 2018, despite the hack.

Bithumb also announced on October 3rd that it would be launching a global decentralized crypto exchange. Bithumb officials report that the company’s global expansion efforts serve to support company growth, while also providing a backup plan in the event that tightening South Korean crypto regulations start to interfere with business. ‘Bithumb DEX’ will operate in partnership with fellow crypto exchange company One Root Network.

“Bithumb DEX will be operated by its overseas subsidiary,” said a Bithumb official. “The company is working together with RNT only in the decentralized exchange sector.”

The decentralized Bithumb DEX will not be responsible for holding customer funds. Rather, it will mainly serve as an exchange portal for peer-to-peer wallet transactions between crypto holders. While decentralized exchanges tend to have slow transaction times, they offer the added advantage of excellent security.

The post Bithumb and US Fintech Firm SeriesOne to Open Security Token Exchange in 2019 appeared first on UNHASHED.

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