Bithumb to Launch Decentralized Exchange Targeting Global Markets

South Korea’s biggest crypto exchange Bithumb announced their plan to launch a decentralized crypto exchange to target the global market.

Bithumb exchange is planning to expand their business overseas, as there are too many regulations and restrictions domestically. The new exchange will not rely on third-party service to trade cryptos, it will be a decentralized exchangeThis will allow the trades transactions automation. This will also enable the company to diversify services and reduce threats. One Root Network (RNT) will be offering help with these plans of Bithumb.

Bithuimb official confirms by saying, “Bithumb DEX will be operating by its overseas subsidiary. The company is working together with RNT only in the decentralizing exchange sector.”

A source close to the matter claims that the DEX has mid-term plans in place to help with the expansion of user base. With this, the plan is to deploy within the next few months. The source further confirms,

Bithumb is one of the leading global exchanges in terms of transactions. However, it is true that most of its users are Korean. The latest decision seems to be the company’s strategy to compete with other leading exchanges. Specifically, in the global market by opening a decentralized exchange. This will receive attention in the global market.

In a centralized exchange, all of the users’ cryptos are kept in the exchanges, which will make them susceptible to hacks. And Bithumb has already been hacked and so have many other exchanges around the world. To avoid this the company plans to go decentralized so that the users’ investments are safe.

Binance and other major players are also planning to do the same. Binance CEO CZ in an interview said that decentralized exchange is the future of crypto exchangesAlso, Upbit in South Korea made an investment in a decentralized exchange called “Allbit” for the same reasons. 

What do you think? Will decentralized exchanges be safe? Let’s Discuss. You can have a look at our blockchain partners here.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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