South Korean crypto-Bithumb exchange will launch the global decentralized trading platform
As announced on 4 October edition of Business Korea, the South Korean cryptocurrency exchange Bithumb, currently ranks sixth in the world in daily trading volume, open decentralized global cryptocurrency trading platform.
Bithumb entered into a partnership with blockchain-a firm One Root Network (RNT), which developed the Ethereum Protocol R1 intended for the decentralized exchange of tokens. According to the joint press release of companies, this Protocol shares the mapping and execution of the application according to RNT, it improves safety of the process and increases the efficiency of the Association.
Decentralized platforms allow users to trade with each other using an automated system. Since these platforms do not store the funds of its clients, they are less vulnerable to attacks aimed at centralized exchanges. However, as noted by Business Korea, the speed of trading on them is generally lower than on centralized exchanges.
According to RNT, her new project is directed to “traffic nodes” like Bithumb could build their own decentralized platform and to share data on transactions and liquidity with other users R1, which is part of the wider ecosystem.
Business Korea also refers to an anonymous source, according to whom, this partnership is for the South Korean stock exchange as part of its strategy of global expansion: “Bithumb is one of the leading exchanges in the world in volume of transactions, but most of its users are residents of South Korea. This decision – that is, the opening of a decentralized exchange, attracting the attention of the whole world – is part of a strategy to increase competitiveness relative to other leading exchanges that have a presence in the global market.”