Major South Korean crypto exchange Bithumb has signed a deal with an American fintech firm in an effort to open a securities token exchange in the U.S.

Bithumb, a major South Korean cryptocurrency exchange, recently signed a deal with a fintech firm in the U.S to open a securities token exchange. According to South Korean news agency, Yonhap News, the cryptocurrency exchange signed an agreement with SeriesOne, American crowdfunding platform. An official of the cryptocurrency purportedly told the news agency, “SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner.”

The official added, “Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.” Reportedly, during the first half of 2019, SeriesOne will be establishing the exchange in the U.S. Bithumb will be providing the investment and the needed technical support for the exchange to operate.

Apart from purchasing goods and services, security tokens holders often promise value appreciation and investment returns. Bithumb announced earlier this month that it would be launching a global decentralized crypto exchange. In partnership with a blockchain firm One Root Network (RNT) it will be launching the exchange. In other news, Bithumb organized an event to pay 70% of transaction fees for back to users abroad. The event is known as ‘Cryptocurrency Transaction Fee payback’ which began on October 22 and will continue till November 21. This event is held for overseas customers who have completed transactions worth more than KRW 1 billion.

Though the event is exclusively for users abroad, newly joined customers can also participate, along with existing users. However, Korean nationals and users who have joined the platform using a Korean mobile number will not be able to participate in the event.

Also read: Fundstrat Global Advisors’ Bitcoin analyst Tom Lee said that he is “pleasantly surprised” by the recent stability of BTC

Source: https://bcfocus.com/news/bithumb-to-launch-security-token-exchange-in-the-u-s/26021/