In a recent press release, the biggest cryptocurrency exchange in Korea, Bithumb, announced to change its corporate name to “Bithumb Korea.” BTCKorea.com, which backs Bithumb, plans to replace “BTC” with “Bithumb,” with an expectation that the new brand name will foster a high brand awareness both locally and globally.
Besides a change in the corporate name, Bithumb is actively working to be a blockchain-based finance company on a global scale, moving forward from being a digital currency exchange. The exchange was founded earlier in 2014 and recorded the largest number of BTC transactions in Korea. Further, in 2017, it left behind all crypto exchanges in terms of total transaction volume. Afterward, BTCKorea.com laid a foundation for the biggest customer service center and introduced a cryptocurrency transaction system in the crypto space.
Speaking of the change in the corporate name, a Bithumb representative, stated that Bithumb Korea would strengthen the competitiveness of cryptocurrency exchanges.
The move will play a pivotal role in the development of related fields through business diversification, and grow as a firm that is able to contribute to its customers and the society.
South Korea-based exchange had earlier launched an over-the-counter (OTC) trading desk named “Ortus,” which aims to execute block deals.
As per reports, Bithumb Korea has 4.6 million registered users in Korea. The firm is strongly lobbying for the institutionalization of the blockchain industry and regulating it to avoid issues like money laundering, Ponzi scams and shady transactions. To achieve this, Bithumb has invested in blockchain companies developing a security token platform, promoting market transparency, and establishing the Anti-Money Laundering center since last year. These investments have also contributed to the growth of crypto-related industries.
Bithumb is also pushing for new businesses such as a custody service, storage of digital assets, and act as a platform that settles cryptocurrency transaction orders between exchanges.