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Bithumb seeks business expansion in Middle East

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By Lee Kyung-min

Korea's leading cryptocurrency exchange Bithumb will form a joint venture in the United Arab Emirates (UAE) to operate the new cryptocurrency exchange platform, the firm said Wednesday.

The move is part of its efforts to expand its business into the promising Middle Eastern market.

Bithumb said it signed an agreement recently with N-velop, a venture firm in Abu Dhabi, seeking to become the first exchange that deals "fiat currency," money that does not have intrinsic value but is recognized or accepted as a form of legal tender through government regulation.

"We hope the joint project will help us make a foray into the Middle East as well as North African region, areas that have great potential for growth and market expansion," a Bithumb official said.

"This will also help us diversify our business portfolio overseas which in turn will help us establish business involving cryptocurrency and blockchain technologies."

The move is expected to gain momentum following the regulatory framework established by the financial authorities there, including issuing a license to operate a crypto exchange, an unconventional method of financial investment.

"The deal in addition to a previous agreement with U.S. fintech company SeriesOne will help us strengthen our presence overseas."

Bithumb signed the agreement with the U.S. firm in November 2018 to help the latter set up a security token exchange in the U.S. in 2019.

The firm will offer technical support and manage the exchange operation in general.

It also plans to purchase shares of SeriesOne, with the latter seeking a listing of the joint-venture entity on the NASDAQ market as a crypto exchange in the first half of the year.

"Since we were established in 2014, our high-volume, fast-circulation trading system has helped guarantee stable transaction, qualities well-received by our users," the Bithumb official said.



Lee Kyung-min lkm@koreatimes.co.kr


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