BitHumb has issued a press release via PRNewswire that announced the launch of global exchange service. The new exchange will offer a wide variety of fiat currency trading pairs in addition to perpetual futures trading. The service will also allow leverage of up to 100X.
Open Beta test now live
The company has begun to let people into its Open Beta version of the exchange where clients can trade with test money while they learn the ins and outs of the system itself. The company feels it is important that new users to the platform gain online trading experience with the platform of the perpetual future without having to gain any significant risk.
The leverage is able to be adjusted by 100X by users, and the environment is responsive so that the implementation of trading strategies and realized leverage returns is done in the best way possible. There will be three celebratory events, but they will only be available to users for a very limited period of time. There will be an airdrop of $90 in BUSD for doing certain things such as finishing KYC steps and, of course, participating in perpetual futures trading. There will be other, exclusive airdrop events that will reward users based on their trading activity level.
Expansion on the cards for Bithumb’s new exchange
A representative from Bithumb Global has said that the company is looking to expand into various extra markets. These will be some major markets such as the United Kingdom, Canada, Australia, Japan, and Hong Kong. In addition, they are looking at a further 10 jurisdictions to expand their exchange platform activities.
They are not simply looking to expand their exchange and trading platforms, but are also looking to become a one-stop shop for a wide variety of crypto and blockchain based activities. This would include expanding one of the best digital crypto exchanges in the market as well as launching security token offerings. They also plan to help incubate blockchain based projects allowing them to morph into a “technology-driven techfin, financial service institution” that can service a variety of niches.
Bithumb Global has been running a successful DEX (Decentralised Exchange) since October 2018, while it’s OTC (Over The Counter) desk has been running since February of this year. The OTC desk was created in a bid to gain market share with institutional investors, where Buthumb will face some heavy competition from Coinbase. Coinbase recently made moves to pivot from its role as a traditional cryptocurrency exchange into a more institution focused financial powerhouse.
Bithumb’s DEX is based in Hong Kong and is based on Ethereum. The launch saw the company airdrop over 500 ETH (around $100 thousand at the time) to the most active traders. However, not all is well with the company as in a recent hack it lost over $13 million in what was suspected to be an inside job. They have obviously managed to recover fantastically, as this press release no doubt shows.