[ad_1]
South Korean Cryptocurrency Exchange Bithumb plants its flag in the Middle East with the launch of a fiat-to-crypto license exchange in the United Arab Emirates (UAE).
The company said Tuesday it has signed a memorandum of understanding with the UAE-based company, Nvelop, with the aim of forming a joint venture for the initiative, reports CoinDesk Korea.
Nvelop was founded by the Abu Dhabi-based E11 investment fund and Asian-based venture capital group Trill Ventures Group to finance blockchain activities in the MENA region.
Through the new partnership, Bithumb said, the company plans to continue expanding into MENA countries, including states such as Saudi Arabia and Bahrain.
Last June, the Financial Regulatory Authority (FSRA) of the Abu Dhabi Global Market, which is the regulator of the Abu Dhabi markets, published a regulatory framework under which cryptographic exchanges must be authorized and approved by the FSRA as crypto-badet activities. The framework also limits the types of cryptographic badets that can be used by businesses.
The FSRA plans to issue cryptographic licenses under this program starting in the first half of this year, Bithumb said in an announcement released today. If approved, this means that its UAE-based purse could be launched around mid-2019.
Just last week, Bithumb launched a global over-the-counter trading desk for digital badets, through its Hong Kong-based Bithumb Global.
Bithumb is also looking for go in public in the United States through a reverse merger agreement. In January, the company signed a binding letter of intent agreement with Blockchain Industries, an investment firm specializing in the crypto and blockchain sector, which traded in the US over-the-counter markets.
Once completed, the combined entity would be known as the Blockchain Exchange Alliance (BXA) and could potentially become the first US-listed cryptographic exchange. The companies aim to finalize the transaction before March 1st.
Bithumb had received around $ 30 million worth of hacking in June 2018, but said it had recovered almost half afterwards with the help of other scholarships. After several months of rebuilding its security systems, the company relaunched user registrations last August.
Picture of Dubai via Shutterstock
Source link
