Bithumb, South Korea’s largest cryptocurrency exchange, is setting up a security token exchange in America, making inroads into the financial market of the United States. Bithumb announced on Thursday that it signed an agreement with SeriesOne, an American fintech company, on investment and technological support for the establishment of its token exchange. Security tokens are a cryptographic token that shares profits from liquidized assets such as real estates or content. For instance, the buyer of a token issued on the collateral of a building can either receive dividends or sell his tokens on an exchange like the trading of Bitcoin.
Bithumb and SeriesOne are seeking to get an approval to set up the security token exchange from the U.S. Securities and Exchange Commission in the first half of next year. “Currently, SeriesOne is pushing for a listing on the NASDAQ market, and we’re planning to acquire shares of the company as well,” said an official from Bithumb.
With the government ramping up its regulation efforts on cryptocurrency exchanges, a series of South Korean players are seeking “asylum” in foreign lands. Bithumb has established an exchange in Hong Kong, and UPbit and Coinone have also created exchanges in Singapore and Indonesia, respectively.
Seong-Mo Kim email@example.com