One of the world’s largest cryptocurrency exchange, Bithumb, a South Korean based cryptocurrency exchange is making plans to launch a decentralized exchange platform after its prosecution for tax invasion even though it was later said to be a wrong accusation.
The cryptocurrency exchange paid about $28 million as penalty, although it made an operational profit of $194 million out of the $270 million revenue it generated in the first half of the year 2018. This prosecution made it to lose its position as the largest cryptocurrency exchange in terms of trading volume.
This new partnership was announced by OneRoot, one of the tech firms that is committed in payment gateways and has established some of its products which include Rootrex, R1 protocol, public chain, Distributed Decentralized exchange(DDEX) and others.
This collaboration comes under its Rocket Plan project as OneRoot plans to establish an industry infrastructure and business empire based on blockchain technology.
The OneRoot Medium post reads:
“With R1 protocol […..], ONEROOT supports traffic holders to quickly build their own decentralized exchanges and truly grasp transaction freedom.”
Recently, the CEO of Binance Exchange Changpeng Zhao Announced the upcoming launch of its decentralized exchange in first quarter of 2019 or ending of 2018, but the South Korean based cryptocurrency exchange, Bithumb wants to be the first known crypto exchange that will start trading on a decentralized exchange through this partnership, Also Recently the stellar foundation announced their world’s first zer0-fee decentralized exchange StellarX.
This will be achieved by the partnership deal that Bithumb signed with OneRoot to access OneRoot’s R1 protocol for building decentralized cryptocurrency trading platform.
R1 procotol by OneRoot helps to improve trading efficiency since order execution and order matching could be separated on its decentralized transaction protocol built on the ethereum blockchain. Transactions could as well be audited in the protocol through a search for it on the R1 procotol blockchain.
The choice of OneRoot for this partnership by Bithumb is because the R1 protocol enables sharing of data among exchanges and also has high matching efficiency, experience and stronger security.