S.Korean Exchanges Bithumb, Upbit & Coinone Reveal Expansion Plans
South Korean exchanges Bithumb, Upbit, and Coinone have announced their respective global expansion plans.
While Bithumb is planning to launch a security token platform in the US, Upbit has established its new trading division in Singapore and offers 156 cryptos and 221 trading pairs. Coinone, another South Korean exchange, has launched a cryptocurrency exchange in Malta.
The largest cryptocurrency exchange in South Korea, Bithumb partnered with the US Fintech company Seriesone on 31 October. The signed document reveals that Bithumb pours funds in this technology in South Korea to amplify and capitalize technology and develop marketing.
Subject to SEC, FINRA and other applicable regulatory approvals, Bithumb and Seriesone will enter into a partnership to setup a new cryptoexchange in the US, offering a KYC/AML adhering marketplace for trading security tokens.
In addition, the news publication states that Bithumb was bought by Bk Global Consortium, a group headed by a plastic surgeon in Singapore. BTC Korea Holdings, another major exchange in South Korea, is also involved in the acquisition of 75.99% stake. Upbit is another exchange in South Korea that has gone on operation in Singapore again.
The new exchange in Singapore will be launched on October 30 by Ale Kim, prior head of Kakao Indonesia. The crypto exchange currently only supports a single fiat currency, the Singapore Dollar (SGD), but may support other fiat currencies in the future. Verified customers can utilize the exchange because it facilitates SGD, BTC, ETH and USDT trading. The Upbit Exchange is already in partnership with Bittrex. Upbit, run by Dunamu Inc., announced that they will strengthen its partnership with Bittrex to maintain a strong presence in the international market.
On 29th October Coinone disclosed the start of CGEX, a crypto-to-crypto trading platform that does not support fiat currency. The platform was introduced in Malta, where the 0% fee for market makers was introduced in the initial month. It will begin operating with the same list of trading pairs as Coinone ‘s BTC market.