Home Blockchain Infrastructure Korean Exchange Bithumb’s New DEX is Now Live, Following $353 Million Partial...

Korean Exchange Bithumb’s New DEX is Now Live, Following $353 Million Partial Acquisition

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  • South Korean crypto trading platform, Bithumb, has launched its own decentralized digital asset exchange (DEX).
  • The DEX has been introduced shortly after the announcement of a $353 million partial acquistion of Bithumb (on December 12th).

Leading South Korean cryptocurrency trading platform, Bithumb, has officially launched its decentralized digital asset exchange (DEX). In order to reward and encourage traders to use its new DEX, Bithumb will reportedly not be charging any transaction fees for a month.

The Seoul-based exchange will also be rewarding its users by airdropping approximately $100,000 (500 ETH). Notably, Bithumb’s new DEX has been launched just a few days after it announced that it’s now listing Loom Network (LOOM).

LOOM, BHPC Recently Listed On Bithumb

The LOOM crypto token is a membership token that allows its holders to access and work with decentralized applications (DApps) built and operated on the Loom Network. According to its official website, the Loom Network is a “next-generation blockchain application platform for Ethereum” – which also uses delegated proof-of-stake (DPoS) on its sidechains to allow for “truly scalable” games to be developed.

Another newly listed token on Bithumb is BHPCash (BHPC) – which is described as blockchain-based financial management system derived from the global hash power asset (BHPC). BHPCash aims to transform web-based finance by leveraging the hashing power of blockchains.

As CryptoGlobe reported on October 12th, 38 percent of Bithumb’s ownership stake (appr. $353 million) will be acquired (on December 12th) by the BK Global Consortium, which is a Singapore-based blockchain development firm.

According to Kim Byung Gun, the director and founder of BK Group (BK Global’s parent company), Bithumb’s DEX is registered via one of his company’s subsidiaries that operates out of Hong Kong.

One of the main goals of the DEX is to allow Bithumb’s crypto trading services to become more accessible to digital currency investors across the globe while also making transactions more secure.

Aiming To Improve “Internal System Management”, Security

The Asia Times reported BK Group’s acquisition of Bithumb could mean that the giant Singapore-based conglomerate will prioritize “security, legitimization, and internal system management, which is good news for investors.”

Other major Korean exchanges such as Upbit, Korbit, and Gopax have never been hacked, so that may be one advantage they may have over Bithumb – which suffered from a security breach in June that resulted in a loss of approximately $40 million in cryptocurrency.

Despite incurring huge losses from the hack, Bithumb reopened withdrawals and deposits on August 4th and still recorded about $35 million in profits during the first half of 2018

Source: Crypto

Keywords: Ether, Bithumb

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