Exchange

Bithumb Uses Blockchain Technology for its Several Operations

Bithumb is a digital economic platform and financial ecosystem comprising of people, organizations, and enterprises in both the traditional finance and blockchain industry. It is developing a blockchain ecosystem with partners from around the globe, including three cryptocurrency exchanges, STO, cryptocurrency storages, and investments.

Background

  • Bithumb Global is the worldwide arm of Bithumb Korea, which is one of the top exchanges on the planet, with a collective transaction volume surpassing one trillion U.S. dollars. Bithumb Global is intended to encourage every worldwide client to trade, participate, and contribute to the digital ecosystem effortlessly.
  • Bithumb is following the example of Binance, which was the first crypto exchange to introduce its blockchain. Since its launch, around 19 projects have been relocated to the Binance Chain, which presently powers the Binance DEX.

Below given are the few points where Bithumb exclusively uses Blockchain for its various projects:

Bithumb Chain

  • Bithumb Chain expects to empower the transfer of value, vertical business integration, and flow of information within a shared blockchain system. To additionally support its infrastructure representing the Bithumb Chain system, the Bithumb network will utilize several new technologies, adding to the value to the network of the blockchain.
  • Bithumb Chain will enable its clients and developers to develop a decentralized finance (Defi) applications on the open-source blockchain system, which it expects to act as an important support to its new financial ecosystem.
  • By using Bithumb Chain, the organization tries to capitalize on the yet to be known protocols with several services, which includes “exchange-as-a-service,” which would permit their users to set up their decentralized exchange. Further, this exchange-as-a-service platform is based upon its new blockchain.

Bithumb Launches R&D center for blockchain technology

Recently, Bithumb has introduced a dedicated distributed ledger technology (DLT) Research and Development (R&D) division to use the emerging technology to assist it with giving better services to its clients. Bithumb’s employees are expected to examine digital currencies and blockchain by working on high-performance solutions. Additionally, they will evaluate public blockchain transactions and make sure private key protection.

Bithumb to invest in the regulation-free zone for blockchain development

South Korea’s biggest cryptocurrency exchange Bithumb, has plans to invest 10 billion Won (approx 8.6 million dollars) in Busan city’s “regulation-free” zone for blockchain development. Moreover, the exchange will be investing money through its wholly-owned subsidiary GCX Alliance, with the money set to move towards the digital exchange. According to the report, with this venture, Bithumb could initiate numerous blockchain-based financial services in Busan.

Codebox

Recently, Bithumb had invested in Codebox, a firm that focuses on operating a local asset tokenization platform and also signed an MoU with Standard and Consensus (SNC), a firm that gives rating services for Chinese blockchain ventures. Bithumb with Codebox plans to create a technology in areas like issuing security tokens and establishing platforms through various collaborative efforts.

Wrap up

Built as a decentralized open protocol with all the features that are needed to develop a new financial ecosystem, the blockchain solution has the potential to become mainstream. As of late, Bithumb had declared that it will bring its new blockchain platform to India. The Bithumb Chain, as it is called, will be accessible to Indian organizations, startups and even for the government for developing products and services dependent on blockchain technology.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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