South Korean Giant Bithumb is Launching a Decentralized Exchange

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Bithumb, a major cryptocurrency trading platform located in South Korea, and now for its plans to operate a decentralized exchange in the upcoming months. This trailing on the news regarding Binance’s plan to launch a decentralized exchange by 2019.

Bitthumb DEX, is expected to target the global crypto marketplace and will be launched under an overseas subsidiary outside of South Korea. The DEX is currently being developed by the assistance of One Root Network (RNT), which already has experience deploying decentralized exchanges in early 2018.

The decision by BitThumb executives is a part of an ongoing strategy to compete with other leading exchanges within the global marketplace. Decentralized exchanges are receiving a lot of attention within the crypto ecosystem and will most likely continue to dominate headlines.

Binance Versus Bithumb

Both cryptocurrency exchanges generate massive profit margins from their trading fees. However, on decentralized exchanges, a third party provider cannot exist in order to collect these fees which limit the involvement of a central party with regard to processing crypto orders.

In order to incentivize developers as well as financial operations, it’s possible to code reoccurring transaction fees into Smart Contracts so each trade provides the development team of the DEX with an incentive to maintain development.

In an interview with Ran Neuner on CNBC’s Crypto Trader, Changpeng Zhao (CEO of Binance) stated that he firmly believes decentralized exchanges are the wave of the future for crypto trading.

 

“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it,”

Bithumb DEX Could Appeal to Investors

The SEC Commissioner, Hester Peirce stated that investing in the cryptocurrency marketplace requires a specific knowledge of the market which your typical investor lacks.

Due to this complexity only a particular type of investor can pursue this opportunity. However, entrepreneurs are developing new products which investors can access cryptocurrencies indirectly through hedge funds.

Investing through a decentralized exchange is much more complex than investing through a centralized cryptocurrency exchange due to the fact that users have no service providers to rely on when potential problems emerge. However for current Bithumb users, the launch of Bithumb’s DEX will provide an opportunity for the company to improve their track record with security breaches and hacking attacks.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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