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South Korean and Singaporean crypto exchanges partner to develop new services

Tue, 18 Feb 2020, 10:11 am UTC

South Korean cryptocurrency exchange Bithumb has entered into a partnership with Singaporean crypto trading platform BitMax to bring new services and products to the market, Cointelegraph reported.

Bithumb announced its new partnership with BitMax on its website. The two companies have signed a Memorandum of Understanding (MoU) to join their forces. According to the press release (via online translation):

"The two companies will collaborate to develop new services and strengthen their competitiveness in the global market. In addition, based on the core competencies of each company, they will actively cooperate in the development of technology and infrastructure related to blockchain and cryptocurrency."

BitMax was founded by a group of Wall Street quant trading veterans in 2018. It offers a broad range of financial products for retail and institutional clients.

Founded in 2014, Bithumb Korea is a leading cryptocurrency exchange in the world in terms of total transaction volume. It has expanded its investment in blockchain technology by developing and providing custody, kiosk, VC and research services, thereby contributing to the growth of the cryptocurrency ecosystem.

With its partnership, the companies aim to foster new opportunities as well as accelerate the development of product solutions in today’s competitive environment.

“Rigorous product innovation has always been a key point of differentiation for our institutional-grade trading platform,” said Dr. George Cao, CEO of BitMax.io. “We are thrilled about this exciting opportunity to combine that approach with Bithumb Korea’s deep crypto business expertise. Both institutions will work closely on the delivery of synergistic services and products to our global users across the digital asset ecosystem.”

Meanwhile, Bithumb has filed a complaint against the National Tax Service (NTS) with Korea's tax tribunal after the NTS announced that it will withhold $69 million from Bithumb's foreign customers. The exchange argued that the tax imposed by the agency was "groundless."

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