Bithumb, a Korean-based exchange, is on track to set up branches in Japan and Thailand, according to an exclusive report by local news source Zednet on Monday.
In less than a month after the exchange was hacked of $30 million worth of cryptocurrencies, it already has sights set on building an exchange that supports the highest number of cryptocurrencies in Japan while also making a profound statement in the Thai market.
Bithumb is currently in talks with both the Japanese Financial Services Agency (FSA) and the Thai Securities and Exchange Commission and will begin operations when the involved parties meet regulatory standards.
The exchange’s timetable has further revealed that operations in the new regions would begin first, in Thailand sometime late in October, with the Japan-based subsidiary following up four months later in February 2019.
Shedding more light on the reason while it chose the two markets, despite boasting existing businesses in the region, Bithumb is quoted as saying,
“Thailand is active in e-commerce and Fintech industry, and the government is showing great interest in digital currency as it promotes smart city business. On the other hand, Japan accounts for 50% of the global financial market and the country (Japan) plays a central role in the world’s money market.”
A lot of major exchanges such as Binance, Huobi, and CoinOne are also said to be trailing the line of global expansion, with goals similar to what Bithumb is aiming for. Increasing the exchange’s ‘transaction volume and establishing a business base for FinTech’ is cited in the report, as the reason while Bithumb is setting up in Thailand and Japan.
As part of its Global Exchange Operation plans, Bithumb is also said to eyeing new exchanges in the USA, Europe, China, India, UK, Australia, Canada, Philippines, and Russia in the coming years.
Bithumb still has sights set on ‘leapfrogging’ their competitors in the quest to build a streamlined platform for virtual currencies, but a lot of work will be needed, beginning with a comeback to the list of top exchanges by trade volume.
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