News Seoul crypto exchange Bithumb joins US securities project

Seoul crypto exchange Bithumb joins US securities project

-

- Advertisment -

One of South Korea’s largest cryptocurrency exchanges has signed a deal with a US fintech company to set up a securities token exchange in America.

Bithumb, which according to coinmarketcap.com handles $1.6 billion in daily trade volume, has made the agreement with SeriesOne, a crowdfunding portal “designed to liberate corporate finance from the big banks and corporate elites that have historically dominated the space.”

The Korean exchange will provide investment and technical support for the project in one of the world’s most regulated financial markets. According to local media, SeriesOne is pushing to establish a security token exchange in the US in the first half of next year.

Security tokens differ from regular cryptocurrencies in that they can pay dividends, share profits or interest and derive their value from an external tradable asset, and thus they are subject to federal security regulations. A crypto token that passes the Howey Test is deemed a security token; the test has been set up by the Supreme Court for determining whether certain transactions qualify as “investment contracts.”

Speaking to Korean media, a Bithumb representative 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 blockchain-based asset tokenization is expected to spread globally down the road.”

SeriesOne is a US Securities and Exchange Commission-approved fintech firm established in 2013. In order to enter Asian markets the company has formed a subsidiary in South Korea and aims to issue security tokens. It traditionally works with real estate and media content, engaging in businesses including crowdfunding and blockchain.

The company also has ambitions to see its shares traded on the US stock exchange for unlisted companies this year before pushing for a NASDAQ listing in 2019.

Earlier this month it was announced that Bithumb had sold a majority stake to a Singapore based consortium. BK Global Consortium made the $350 million investment to gain a controlling share, and plans to launch a decentralized exchange based on the platform before the end of the year.

It is also likely that Bithumb will follow rival exchanges Binance and Upbit, which have both announced plans to open up in Singapore. The race to conquer the world for crypto exchanges has begun and those in South Korea are leading the pack at the moment.

continue reading

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -Seoul crypto exchange Bithumb joins US securities project

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you