November 1, 2018 11:52 PM
South Korean exchange Bithumb is looking to American markets as it signs a new deal with seriesOne.
Today, South Korean exchange Bithumb and US FinTech firm seriesOne have formed a joint venture to create a regulatory-compliant cryptocurrency exchange for security tokens in the US. Bithumb will provide investment and technical support, and operate the exchange. In addition, it will help to create a seriesOne entity and subsidiary in South Korea to “scale technical development and marketing.”
US FinTech firm seriesOne has operated a crowdfunding portal for businesses and entrepreneurs since 2013. In March 2018, the company created its new funding portal, focused on matching businesses and investors and raising capital through debt equity and initial coin offerings (ICOs). It is currently in the midst of pre-IPO fundraising and is reportedly planning to list publicly on the Nasdaq stock exchange in 2019.
SeriesOne’s current platform offers “initial security token offerings” operating under SEC exemptions. With this partnership, the companies say they are “well positioned to execute on a global token exchange that operates in compliance under US securities laws.”
A Bithumb official told Yonhap News that seriesOne sought out the partnership. Bithumb CEO Back Young Heo said of the FinTech firm:
“We are not only impressed by the mix of talent between investment banking, compliance, and technology of the seriesOne team but also with their deep understanding of US securities regulations and how they apply to token offerings.”
Bithumb reported a spike in 24-hour trading volume today. The exchange‘s profits for the first half of 2018 were reported as $175 million.
The venture is subject to regulatory approval.
Melanie Kramer is a freelance FinTech, blockchain, and cryptocurrency writer based between France and Canada. Melanie has studied, and retains an avid interest in, global politics, business, and economics.
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