Bithumb, SeriesOne to launch security token exchange in US
[THE INVESTOR] Korea’s leading cryptocurrency exchange Bithumb announced on Nov. 1 that it plans to set up an exchange for securitized tokens with US-based fintech firm SeriesOne.
According to the agreement signed between them, the Korean firm will provide investments and technical support for the joint venture. It will also operate the exchange, which is expected to be launched in the first half of 2019.
Bithumb CEO Heo Baek-Young (left) and SeriesOne CEO Michael Mildenberger shake hands after singing a partnership deal on Oct. 31.
Base on blockchain technology, security tokens pay dividends, share profits, pay interest or invest in tokenized assets to generate profits for holders.
SeriesOne, which was founded in 2013, has obtained approval for crowdfunding from the US Securities and Exchange Commission and engages in various businesses including crowdfunding, blockchain and security token offerings.
“SeriesOne actively sought to strike a deal after assessing us as the most suitable partner,” a Bithumb official said. “We will ramp up efforts to develop into a global financial firm as blockchain-based asset tokenization is expected to become widespread globally.”
To establish a security token exchange, companies are required to acquire a license for alternative trading systems.
By Park Ga-young (firstname.lastname@example.org)