Korean Bithumb crypto currency exchange plans to launch licensed bitcoin-Fiat trading platform in the United Arab Emirates (UAE).

To this end, the company signed an agreement to establish a joint venture with a local firm Nvelop. The new partnership should become a base for expansion Bithumb in the Middle East and North Africa (MENA). Presence in the UAE should also help to enhance the presence of Korean companies in member countries of the cooperation Council of Gulf countries, including Saudi Arabia and Bahrain.

β€œThe partnership with Nvelop will allow Bithumb to gain a foothold in the middle East as a global exchange,” β€” said in Korean company.

Nvelop was founded investment Fund E11 from Abu Dhabi and venture company Trill Ventures Group to Finance the blockchain projects in the MENA region.

At the end of last year, the UAE took the decision to license the cryptocurrency market via a regulatory authority for financial services (FSRA) of the Global market Abu Dhabi (ADGM). FSRA plans to start issuing licenses in the first half of this year.

We will remind that earlier Bithumb launched a global service for OTC trading (OTC) digital assets β€” Ortus.