Three of South Korea’s largest cryptocurrency exchanges are expanding overseas. Upbit has launched a Singaporean crypto exchange with 156 coins and 221 trading pairs. Coinone has established a crypto exchange in Malta while Bithumb is planning to launch a security token platform in the U.S.
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Bithumb to Launch US Security Token Platform
One of South Korea’s largest crypto exchanges by trading volume, Bithumb, announced its partnership with U.S. fintech company Seriesone on Oct. 31.
Under the agreement, “Bithumb is investing in a Seriesone entity in South Korea to scale technical development and marketing,” Seriesone detailed, elaborating:
Bithumb and Seriesone will form a joint venture intended to create a new exchange in the United States that will offer a compliant marketplace to trade security tokens, subject to receipt of SEC, FINRA and other applicable regulatory approvals.
Bithumb was recently by Singapore-based Bk Global Consortium led by a plastic surgeon. The group inked a deal with BTC Korea Holdings, Bithumb’s largest shareholder at the time with 75.99 percent interest, to buy a controlling stake in the exchange.
Seriesone recently appointed Kaine Kim, former deputy director of South Korea’s Financial Services Commission, as managing director of its South Korean operation and head of Asian operations.
Upbit Singapore Now Live
Another major crypto exchange in South Korea, the Kakao-backed Upbit, announced the official launch of its on Oct. 30. The new exchange is headed by Alex Kim, who previously served as the head of Kakao Indonesia, according to the Investor publication.
Upbit, operated by Dunamu Inc., is a partner of U.S.-based exchange Bittrex. Dunamu CEO Lee Sir-goo said in September that Upbit will continue to strengthen its partnership with Bittrex as it makes a foray into global markets. Noting that Upbit Singapore will initially support only one fiat currency, the Singapore dollar (SGD), he described:
In the future, we would like to add other fiat currencies and expand in other Southeast Asian countries.
With 156 coins and 221 trading pairs listed currently, Upbit Singapore supports trading in the SGD, BTC, ETH, and USDT markets. “Any user who cleared identity verification” can use the exchange, Upbit Singapore clarified.
For the grand opening, all new users are offered zero-percent trading fees until Nov. 28 on the SGD market. Zero-percent trading fees are also offered until Dec. 28 on the same market to existing users who signed up and cleared real-name identity verification by Oct. 29.
Coinone Launches CGEX
Coinone officially launched its crypto-only exchange CGEX on Oct. 29. “CGEX is not a legal currency but a crypto-based (C2C, crypto-to-crypto) cryptocurrency exchange” with the same trading pairs as the Coinone BTC market, the exchange described. Deposits and withdrawals began on Oct. 29 while trading began on Oct. 30. The exchange is established in Malta and is offering zero-percent commission on makers in the first month of opening.
Coinone wrote:
The new global crypto-crypto exchange will share its order book with Coinone’s new BTC market … CGEX provides stable liquidity to investors by integrating with Coinone Korea, Indonesia, and others under the Coinone brand.
What do you think of the three Korean exchanges launching operations overseas? Let us know in the comments section below.
Images courtesy of Shutterstock, Bithumb, Upbit, and Coinone.
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A new smart contract and tokenization system has been launched on the bitcoin Cash (BCH) network. On Oct. 31, BCH developer Clemens Ley released the alpha version of bitcoin Token, a Javascript library built to develop autonomous contracts, BCH-based tokens, and integrate payments into web applications.
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Project bitcoin Token Launches Alpha Version
In August, news.bitcoin.com on a project called bitcoin Token developed by software programmer Clemens Ley. At the time, the developer explained that the project was in its prototype stage and had planned to launch at the end of the year. Now the creator has the alpha version of Token, which gives developers three tools to enable the assembly of applications on the bitcoin Cash network. The software contains a wallet, a database, and the token solution. The 0.0.1 alpha has been downloaded 103 times.
The bitcoin Token project has published documentation on compiling the implementation as well. The specifications detail the program’s tech-stack which includes the application build, tokenization abilities, Bitdb, and the source containing a readable Javascript BCH implementation. However, the source code is not publicly available yet but the developer is offering an early version by email. The bitcoin Token creator says that the project’s alpha release currently supports fungible tokens, which operate similarly to Ethereum’s ERC-20 tokens. At the moment, smart contract support on bitcoin Token is not yet available.
Clemens Ley’s Creation Becomes the 5th BCH-Based Token Project
Clemens Ley.
The bitcoin Token project was welcomed by the BCH community when the alpha release was announced on Twitter and Reddit. Some commenters on Reddit liked the idea that bitcoin Token was an alternative to Wormhole while others the source code was not yet available. Ley’s project joins the slew of other token projects that have been introduced to the bitcoin Cash network like the , , , and of course . Even though the bitcoin Token protocol uses a similar system to ERC-20, tokens will not clog up the chain with crypto-kittie coins. Ley firmly believes the BCH chain can do far better than the Ethereum network’s token process coupled with scaling.
“bitcoin Cash can do pretty much everything Ethereum can do – but at a 10-100x lower cost,” the bitcoin Token creator detailed on a on Twitter.
Coingeek Reveals Another Token Solution
The day after the bitcoin Token alpha release, bitcoin Cash proponents heard about a different project developed by James Belding, Samuel Georges, Scott Barr, Farid Uddeen, and Brendan Lee. It has been revealed that these developers won the tokenization contest hosted by Coingeek and took home the grand prize of £5,000,000 ($6.4 million).
According to the , the new token project built for Coingeek uses existing technology already available on the BCH network. The project does have a where people can request more information. According to the site, the whitepaper will be published soon. Coingeek’s press statements detail the project’s technical specifications should be available by mid-November.
Since the hard fork last May, there has been a good portion of token and smart contract projects built for BCH. The alpha release of bitcoin Token marks the 5th project attempting to provide users with tokenization abilities on top of the BCH chain. When launched, Coingeek’s project will be the 6th.
What do you think about the bitcoin Token alpha release by Clemens Ley? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, the Project, Jamie Redman, and Twitter.
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