Bithumb To Open Security Token Exchange After Signing New Deal

Wilfred Michael 

Wilfred Michael

News reporter

04 November 2018,
22:09
Bithumb To Open Security Token Exchange After Signing New Deal

South Korea based cryptocurrency exchange, Bithumb has signed a new deal with an American Fintech firm, SeriesOne. According to a local news source, the purpose of the new union is to establish an exchange that is dedicated to trading security tokens.

Security tokens are digital assets that allow holders to buy goods and services sold by the issuer of the token. Just like traditional securities that are available on exchanges, security tokens usually promise investments results because its value grows over time.

SeriesOne which originally operates as a crowdfunding platform for crypto startups will be responsible for setting up the exchange while Bithumb will provide investments and technical support needed to run the new venture.

 

Bithumb’s Ambition To Lead Tokenized Assets Economy

A Bithumb official spoke about the new partnership in the report and also shared his thoughts on how tokenized assets will become widespread in the future.

He 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."

It is clear that Bithumb wants to stake its claim in the distribution of tokenized assets and will hope to achieve this with help from SeriesOne.

The new exchange is set to be established in the U.S during the first half of 2019 according to the report. Bithumb had in October also revealed plans to launch a globally decentralized crypto exchange.