• A new decentralized exchange is developed by both Bithumb and ONEROOT
• The Distributed DEX is built through an Ethereum smart contract and is powered by the R1 protocol
• Bithumb says users’ digital assets are entirely stored in highly reliable smart contracts and independently controlled by investors.

In a bid to offer clients a safer and more efficient cryptocurrency trading service, South Korean leading cryptocurrency exchange platform, Bithumb has launched its own decentralized exchange powered by the R1 Protocol, according to a Medium blog post by OneRoot this Monday.

Bithumb Collaborates with OneRoot to Launch DEX

Bithumb cryptocurrency exchange has partnered with OneRoot blockchain project to create an Ethereum-based Distributed Decentralized exchange (DDEX).

Powered by the R1 protocol, the team has made it clear that the decentralized exchange stores all digital assets in smart contracts and is controlled independently by users, making it impossible for bad actors to steal people’s funds even if the platform gets hacked.

The companies claim that all transactions on the platform are recorded in a distributed ledger, fostering an unprecedented level of transparency and eliminating all forms of manipulations.

Powered by R1 Protocol, an Ethereum-based decentralized trading agreement created by OneRoot, Bithumb claims its decentralized exchange offers cryptocurrency traders superfast trade execution and excellent trading experiences as obtainable in centralized digital assets trading platforms.

Per the team, this excellent functionality is made possible because the R1 protocol separates matching and settlement of orders, thereby drastically increasing trading efficiency.

The DEX is also designed to give users greater liquidity and trading depth, as the platform shares order data as well as liquidity with all R1-powered crypto exchanges.

OneRoot has stated categorically that the order data sharing feature of R1 protocol is the most vital part of the system, as it makes it possible for a vast array of crypto exchanges to ‘carry out cross-regional cooperation, a system defined by ONEROOT as Distributed Decentralized Exchange (DDEX).

A Match Made in Heaven?

OneRoot strongly believes that the DDEX trading system will be highly beneficial to Bithumb exchange while also significantly contributing to the growth of the ONEROOT ecosystem and both parties will continue to benefit from the relationship.

While the future undoubtedly looks bright for Bithumb, it’s worth noting that the cryptocurrency exchange has also had its bad times.

Earlier in June 2018, reports emerged that Bithumb had been fallen victim to a $30 million hack.

In related news, on October 13, 2018, Blockchain Reporter reported  that BT Global Consortium had acquired Bithumb in a deal worth 400 billion won ($350 million).