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Bithumb Crypto Behemoth to Open P2P Exchange Outside Korea

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Thu, 10/04/2018 - 16:19
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  • Korean Bithumb exchange to release a DEX until the end of 2018

Cover image via U.Today
Contents

The South Korean crypto giant Bithumb intends to start off with a decentralized exchange (dex) in the near future. Perhaps, this is caused by its competitor’s intention, the Binance exchange, to do the same.

Bithumb intends to open the dex outside Korea, using a subsidiary in another jurisdiction.

The contractor for developing the dex is One Root Network (RNT). Earlier this year, it already created one P2P crypto exchange.

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Step-by-step plan for rolling out abroad

As sources report, Bithumb is working on expanding its user-base and for this reason it is launching the new exchange. The crypto player has a far-going plan to finish deploying the dex soon and launching it to attract overseas customers.

Binance VS Bithumb

A well-known fact is that big centralized crypto traders, such as Binance and Bithumb, gain huge profits from trading commission. Fees are charged every time a trader performs a buy or a sell order.

A P2P exchange or dex does not have an intermediary, so profits are times less than those of centralized exchanges. However, the income for developers still exists – enough to stimulate them for further work.

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Earlier, in a CNBC interview, Binance CEO Changpeng Zhao expressed his strong belief that in the coming years P2P exchanges will be dominating.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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