Thursday, July 18, 2019

Bithumb Plans To Launch A Crypto Exchange In UAE

As Bithumb targets to conquer the world of crypto, they plan to start with the MENA regions.

Bithumb Targets The Middle East

A South Korean crypto exchange company, Bithumb, recently announced that the company would be working in partnership with Nvelop– an Abu-Dhabi based firm. To start their plan of expanding into the Middle East and North African (MENA) regions.

Nvelop is a joint venture of Abu Dhabi-based E11 Investment Fund and Taiwanese venture capital outfit Trill Ventures Group. These two firms collided as one that made Bithumb chose Nvelop since an Asian country also holds the firm.

Furthermore, according to the report in Financial News, Bithumb is working on introducing their fiat-to-crypto exchange in United Arab Emirates (UAE) as part of their expansion around the world.

“The partnership with Envelope will enable us to build a foothold in the Middle East as a global exchange. This year, we will diversify into a business centred on overseas business,” a Bithumb spokesperson said on Financial Times.

Starting Plan

As explained, after Bithumb reaches its target goal in UAE, the team will move to its neighbouring countries such as Saudi Arabia and Bahrain, to further expand their business.

UAE’s Tough Call On Crypto-Related Businesses

It was reported that UAE began formulating their cryptocurrency regulatory framework in which one of the information entailed is its required license for all crypto-related businesses.

According to the country’s Financial Services Regulatory Authority (FSRA), UAE will start their implementation of licensing crypto businesses at the first half of the year and already signalled future investors and businessmen to follow the procedures needed for their authorization.

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In 2018, UAE announced the launching of its new digital asset exchange called Bitex, in which their people applauded since the country also supports virtual currencies.

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Align with this, Bithumb has a huge hope for the company’s major expansion from Asia to the Middle East.

Ready For Expansion?

As of now, Bithumb is sweeping across the globe to match its current earnings of 113 trillion a month or over $100 billion. The company also targets to handle the western side of the globe and aims to achieve a public listing in the United States of America.

Once the expansion of Bithumb is successfully achieved, the company will bring an outstanding stance in the market as not just an Asian crypto business but a worldwide renowned crypto firm.

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Elizabeth Jamie
Jamie Elizabeth is a Mass Communication Graduate from the Philippines, knowledgeable in the field of cryptocurrencies, blockchain etc., currently enjoying freelance writing, and able to write anything under the sun.
 

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