Wednesday, August 21, 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.

Related Article:  Rise in Demand For Bitcoin Hardware Wallets In South Korea

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.

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.

More Articles

09/17/2018: SVPER

While most agree that social networks were a big advancement in how we human beings relate to each other, shorting distances and letting us...

Alex Bosworth Proposes “Submarine Swap” To Solve Lightning Network...

Alex Bosworth wants to solve interoperability issues between the main Bitcoin blockchain and Lightning Network. Before now, both layers had existed independently; that is Bitcoin...

Technical Indicator Shows Bitcoin Is Set To Surge By...

The cryptocurrency market has seen a recent surge which has changed the purview of many cryptocurrency enthusiasts to a Bullish stance. Though...

KFC Fast Foods in Venezuela to Accept Dash Cryptocurrency

Mark Mason, DashpayNews' Director of Media & PR made a tweet yesterday revealing that the virtual currency, Dash will now be accepted in KFC...

U.S. Attorney General, Matt Whitaker Might be Interested in...

With actors like William Shatner and Reddit's co-founder, Alexis Ohanian showing interest in cryptocurrency, political platforms have not been left out. This is because...

CFTC Releases An Official Customer Advisory Against Crypto Fraud

CFTC or the Commodity Futures Trading Commission recently released a customer advisory tackling different ways to prevent being victims in crypto frauds, scams and hacking...

Chinese Crypto Whales Purchase Bitcoin Over-the-Counter To Evade Authorities

The Chinese over the counter OTC market indicates strong buy recently, as reported by CNledger, a prominent source for crypto-related news in...

Korean Exchange Zeniex Closes Due To Regulation Pressure

The South Korean Exchange Zeniex will close its doors on November 23. This due to new regulatory pressure applied earlier this month by the...

HSBC To Test New Blockchain Based Payment Solution

Joshua Kroeker, the senior innovative manager of the multinational bank HSBC, announced the pilot test of a new blockchain based payment solution this morning. The...

HTC’s Exodus To Be Launched On The 22nd October

HTC reveals its plan to launch its blockchain-based smartphone on the 22nd of October. This launch makes it the second blockchain-based phone to be...

Alibaba’s Alipay Reveals Chinese Government Partnership to Track Rice...

Ant Financial and its subsidiary Alipay has recently revealed intentions to join forces with local Chinese authorities to implore the genius of the blockchain...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...