South Korea’s largest cryptocurrency exchange Bithumb has reportedly signed an agreement with American crowdfunding platform SeriesOne to open a securities token exchange in the U.S. The development was reported in an article published by Yonhap News Agency on their website.
According to the agreement, SeriesOne is expected to set up the exchange in the U.S. during the first half of 2019. And Bithumb will be providing the required investment and technical support for operating the exchange.
Much like traditional security, security tokens allow consumers to purchase goods and services while assuring them of investment returns and value appreciation.
A Bithumb spokesperson said: “SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. 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.”
SeriesOne is a fintech firm that engages in crowdfunding and connects start-ups with investors through its online platform. The company also offers services related to blockchain, security token offerings, real estate, and media content. The company is licensed by the US Securities and Exchange Commission for crowdfunding.
With an aim to expand its outreach to the Asian markets, Series One established a subsidiary branch in South Korea. The firm is reportedly looking to get its shares traded on the US exchange for unlisted companies by this year. And simultaneously, prepare for a listing on NASDAQ next year.
BitHumb is South Korea’s most popular cryptocurrency trading platforms. The exchange was founded in 2013 by BTC Korea.com Ltd. According to CoinMarketCap, Bithumb currently tops the list of crypto exchanges, with a 24-hour trade volume of $1.7 billion.
Earlier this month, Bithumb announced that it was teaming up with One Root Network (RNT) to build a global distributed decentralized exchange. RNT had developed an Ethereum-based decentralized token transaction protocol called R1. The R1 protocol claims to separate order matching and execution, which RNT believes will improve security and matching efficiency.