One of the leading Korean and global platforms for trading digital assets Bithumb announced plans to launch a decentralized exchange (DEX).
The representative Bithumb told Business Korea that Bithumb DEX will work abroad and become part of a company plan its global expansion. Business growth Bithumb on cryptocurrency trading in Korea is faced with many difficulties due to unclear regulation, the source added of the local newspaper.
Currently developing Bithumb DEX with the assistance of the blockchain is One of the Root Network (RNT). Decentralized exchange can be started before the end of this month through a foreign subsidiary Bithumb.
An unnamed head of the cryptocurrency industry commented to Business Korea the decision Bithumb to run DEX abroad:
“Bithumb is one of the world’s leading exchanges for transactions, but it is true that most users are Koreans. The latest decision, it seems, is the company’s strategy to compete with other leading exchanges in the global market”.
Because decentralized exchange do not keep the assets of the cryptocurrency users, and give them the opportunity to exchange cryptocurrencies directly, they are more secure than centralized exchanges. For Bithumb this can be important because in June it was hacked. Damage according to updated data, amounted to about $17 million However, in July
immediately after the release from beta testing a phishing attack takes a decentralized market Waves DEX.
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