Crypto Exchange Bithumb To Expand Operations To UAE

News | February 13, 2019 By:

South Korean cryptocurrency exchange Bithumb has partnered with Abu Dhabi-based N-VELOP to establish a joint venture cryptocurrency exchange in the United Arab Emirates (UAE).

N-VELOP is a joint venture between Abu Dhabi investment fund E11 and the Asian Venture Capital Trill Venture Group. It was established to fund and develop blockchain initiatives in the Middle East and North Africa (MENA) region and it jointly developed resources with royal families in the UAE and carried out a digital conversion project with the UAE government.

Bithumb, one of the largest crypto exchange in South Korea, said that the partnership with N-VELOP will enable them to build a foothold in the Middle East as a global exchange. The company added that the goal of the partnership is to establish the first authorized fiat cryptocurrency exchange in the region.

Last year, the UAE government unveiled its plan to regulate cryptocurrencies through the Abu Dhabi Global Market (ADGM) and decided to issue licenses to crypto exchanges starting from the first half of this year. Bithumb said that its UAE-based exchange could be launched around mid-2019.

Bithumb has been aggressively expanding its overseas business to become a global blockchain firm. In November 2018, Bithumb signed an agreement with crowdfunding platform SeriesOne to create a compliant security token exchange in the US. More recently, the company launched its global over-the-counter (OTC) trading desk for cryptocurrencies.