• Sun, 17 Feb 2019, 03:35 PM
  • All times are UTC
  • Edition:
    International
Link copied

South Korean crypto exchange Bithumb expands to UAE

Tue, 12 Feb 2019, 11:05 am UTC

South Korean cryptocurrency exchange Bithumb is launching a licensed fiat-to-crypto exchange in the United Arab Emirates (UAE), CoinDesk reported.

Bithumb has signed a memorandum of understanding (MoU) with Nvelop, a UAE-based firm, to establish a joint venture for the initiative.

The News.Asia reported that NVELOP was founded to foster blockchain businesses in the Middle Eastern and North African (MENA) region. The company is a joint venture between Abu Dhabi investment fund E11 and the Asian Venture Capital Trill Venture Group.

“Our partnership with NVELOP has allowed us to find a foothold in the Middle East to further establish us as a global cryptocurrency trading force,” a Bithumb spokesperson was quoted saying.

In June 2018, Abu Dhabi Global Market (ADGM) launched its regulatory framework for spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM. The framework requires crypto exchanges to be licensed and approved by the Financial Services Regulatory Authority (FSRA) as crypto-asset businesses.

In its official announcement, Bithumb said that the FSRA plans issue crypto licenses in the first half of 2019. This means that Bithumb’s UAE-based exchange could be launched around mid-2019 subject to regulatory approval.

Last week, Bithumb announced the launch of ORTUS, its global over-the-counter (OTC) trading desk for digital assets.

In October 2018, Bithumb sold over 38 percent of its equity to a Singapore-based blockchain consortium for 400 billion won (approximately $350 million). More recently, the company signed a binding letter-of-intent agreement to merge with investment and advisory firm Blockchain Industries.

BTHMB is currently in the process of taking a new name – “Blockchain Exchange Alliance” or BXA. The merger deal with Blockchain Industries, which trades publicly on U.S. over-the-counter (OTC) markets under the ticker BCII, is expected to see a back door listing for the cryptocurrency exchange.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,630.80 (-0.24%)
  • Ethereum (ETH) $126.60 (+2.39%)
  • XRP (XRP) $0.300600 (-0.59%)
  • Litecoin (LTC) $43.26 (-1.52%)
  • EOS (EOS) $2.82 (-0.88%)
  • Bitcoin (BTC) $3,630.80 (-0.24%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft