Bithumb: The prominent exchange from South Korea resumes operation
Bithumb can be considered one of the best reputed virtual currency exchanges in South Korea. It will now resume taking registrations from the market. Bithumb is the second largest exchange, that is, it is at the second position, after UPbit, which is the largest cryptocurrency exchange of South Korea. As the procedure for being the registration in Bithumb for the investors resumes, NH bank will sign an agreement with Bithumb. Because of this agreement between Bithumb and NH bank, there will be considerable ease of operation as far as new users are concerned. Another important measure taken by the exchanges is that a virtual account will be kept and through this account, dealings can take place through the Korean Won.
Bithumb faced a setback when its account was hacked robbing it of off $40 million and therefore, it had abated its operations for a month. However, now it is set to accept the registrations from new investors. This exchange had seen a decline in activity following the hacking and due to the lack of activity, however lately, the government of South Korea has given its approval for Bithumb to resume its operations in the country. This can be the reason NH bank has also resumed its relationship with Bithumb. With Bithumb resuming its activities in the sector of cryptocurrency, it can be believed that there will be noticed an inflow of more investment in the market considering that there were several investors who had not been able to invest in it previously. These investors would now be willing to trade with this exchange and therefore there will be noticed increased activity in the sector of cryptocurrency. However, acquiring the partnership with NH bank was extremely important for the exchange as an account in a bank is mandatory for the operations of cryptocurrency to be carried out. The government would have had to tell Bithumb to pause its operations until it is able to secure a partnership with a bank. Therefore the partnership between Bithumb and NH bank was the first step towards resuming its operations in the market.
The perspective of the people towards cryptocurrency is very important considering the hacks that have been taking place, however, it can be noticed that gradually, people have started to believe in the sector of cryptocurrency, they are reinstating their faith in the sector.
It can also be believed that soon, a crypto valley will come up in South Korea, with the confirmation of support from the Federal government; the “fourth revolution” in the country will see a lot of contribution from the Blockchain technology.