Bithumb announces its global expansion strategy
Bithumb announced its strategy on global expansion and future goals during a conference held at Imperial Palace Hotel in Gangnam on Nov.6. Expanding toward global market through Bithumb family Han Sung-hee, Bithumb Korea COO, kicked off the Bithumb Family Conference. Bithumb Family has 14 partners, including Bithumb, the cryptocurrency exchange, Bithumb Global, Bithumb Singapore, BTC Investment, Bithumb Chain, Bithumb Custody, Bithumb Blockchain Economy, Bithumb STO, Bithumb OTC, Bithumb DEX and Bithumb Research. “We will move on to the global market through Bithumb Family,” Han said. Han especially emphasized Bithumb custody, over-the-counter, security token offering and decentralized exchange (DEX) services. “While establishing the custody service in Korea and abroad, we will develop a legal STO platform by working with companies like Kodebox,” Han said. Creating a community-centered global platform In order to expand to the global market, Bithumb established Bithumb Global, which will play the central role in its global strategy. Sunny Ng, the CMO of Bithumb Global, said the goal of Bithumb Global is to diversify cryptocurrency-based products in addition establishing a global financial platform, including over-the-counter trading. In order to realize its goal, Bithumb Global will pursue policies that would be preferential to community contributors. Ng said the company is planning to create local substations centered on regional community contributors through its Mercury partnership program. Expanding through custody and Bithumb Chain Interest in cryptocurrency custodian services has increased as the U.S. Securities and Exchange Commission (SEC) has selected custody along with anti-money laundering as conditions for the bitcoin ETF. As such, Bithumb Family plans to establish a custodian with InVault and Vaultrust. InVault is a custody service company operating in Asia Pacific that works with 152 custody service companies. InVault CEO Kenneth Xu said InVault has provided custody services on fiat currency even before it provided custody services for cryptocurrency. Vaultrust is also a company that services OTC and escrow-based cryptocurrency custody. Meanwhile, Bithumb Chain’s role will be merging the projects launched by Bithumb Global. Bithumb Global managing director Javier Sim said Bithumb Chain goal is to become a protocol that will connect different exchanges and platforms. Sim added that decentralized exchanges will be able to be created through Bithumb Chain. Under this mechanism, profits will be distributed to the governance participates through the blockchain token economy. No specific talks over the changes in share structure The company said it could not give specific details regarding changes in shareholdings and the possible acquisition of Bithumb. Bithumb said the 14 Bithumb Family partner companies will be working with each other closely, and that, with the exception of CrossAngle, each partner will own stakes in the other companies.