- Bithumb to invest and provide technological support for SeriesOne.
- SeriesOne entangled in a move to establish a security token exchange in the United States.
- Changelly reportedly helps Bithumb recover lost tokens.
As reported on Thursday, South Korean cryptocurrency exchange giant Bithumb has signed a deal with U.S. finetech company SeriesOne to set up a security token exchange in the US. The agreement will see Bithumb invest and ensure technical know-how for the establishment of the ingrained security token exchange in one of the World’s largest economic blocks.
Security Token Exchange in the United States
Security tokens are cryptocurrency tokens based on the blockchain technology that apparently share profits, pay dividends, pay interest or invest in identified assets to accumulate profits for shareholders.
SeriesOne is gunning at establishing a security token exchange in the United States during the immediate half of the coming year, with Bithumb set to provide related technology and oversee the exchange.
A Bithumb official recently said, “SeriesOne actively sought to strike a deal with the Korean exchange after assessing it as the most suitable partner,” the source went on to say that “Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.”
SeriesOne is a finetech company formed in 2013 and has received continued approval from the U.S. Securities commission after it managed to crowdfund its projects. The finetech company is engaged in the business of security token offering, blockchain, and crowdfunding. They also have their hands in media content and real estate.
SeriesOne Establishes a Branch in South Korea
SeriesOne has established a supplementary branch in South Korea in an effort to break into the Asian market that is set to issue security tokens. The company is also looking into getting its shares traded in the U.S. stock exchange for unlisted companies this year. This will be done initially before seeking to have it listed on the NASDAQ market in the second half of next year.
Changelly Helps Bithumb in the Recovery of Stock
Changelly, a crypto exchange company based in Hong Kong revealed last week that it provided aid to Bithumb in the recovery of stock that was reportedly lost in a hack in June. The hack had resulted in the loss of over $30 million. Approximately $14 million was recovered with the help of industry partners.
It was reportedly stated that Changelly was able to recover 1,063,500 Ripple (XRP) tokens for Bithumb which translated to about $585,000 at the time of the hack.
Bithumb is currently the number one crypto exchange with an estimated 24-hour trade volume of $1.7 billion.