Major South Korean cryptocurrency exchange Bithumb has partnered with crowdfunding platform seriesOne to launch a security token exchange in the US, industry website Coindesk has reported.
The online publication cited a press release from seriesOne, which stated that the exchange’s launch was awaiting regulatory approvals from the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). SeriesOne already has a SEC-regulated platform for start-ups launching initial coin offerings, as well as equities and debt offerings.
“I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange,” seriesOne’s chief executive officer Michael Mildenberger commented on the partnership, as quoted by Coindesk.
Meanwhile, the CEO of Bithumb, Back Young Heo, said: “We are not only impressed by the mix of talent between investment banking, compliance, and technology of the seriesOne team but also with their deep understanding of US securities regulations and how they apply to token offerings.”
Bithumb is currently the largest South Korean exchange by trading volume, but the firm was forced to suspend most of its operations after it became a target of a cyber-attack earlier this year. The exchange started accepting new users again in August, after regaining the support of it Korean banking partner Nonghyup Bank.
Bitcoin has recently made another move aimed at expanding its business on a global scale. In early October, the company announced a plan to launch the new exchange, dubbed Bithumb DEX, through an overseas subsidiary by the end of the month. The company is working with global blockchain firm One Root Network (RNT), which already operates a decentralised exchange and will provide the technical support for Bithumb’s new business venture. Bithumb believes that the launch of Bithumb DEX would allow it to increase security and diversify its services.