Well-known Korean exchange Bithumb launches global digital financial ecosystem Bithumb Family

The cryptocurrency market in South Korea has always maintained a sense of mystery and exclusivity. Its unique market conditions shaped by distinctive cultural, demographic distribution, and policy support have established its own set of rules. The barrier for projects from other countries to enter this market and implement their applications and services is very high, yet it has also led to the development of a sophisticated and mature cryptocurrency trading ecosystem in South Korea.

In the global evolution of cryptocurrencies, South Korea plays an indispensable role. According to 2018 data, South Korea has a high acceptance of new technologies and a willingness to purchase digital goods. This country with a population of only 50 million contributes approximately 30% of the global cryptocurrency trading volume, with around 30% of working professionals in Korea owning or having traded some form of cryptocurrency.

Rooted in South Korea, the globally trusted digital asset exchange Bithumb held a global strategic launch event and inauguration ceremony in Seoul on November 6, announcing the official launch of the Bithumb Family, a digital financial ecosystem led by Bithumb. It integrates various applications of blockchain technology and digital finance to continue providing value-added services to users. The event was attended by South Korean government officials, top investment institutions, traditional financial institutions, renowned media, industry opinion leaders, and hundreds of blockchain industry professionals who witnessed the grand launch of the Bithumb Family digital financial empire blueprint.

The booming development of global blockchain technology drives the rapid growth of the digital financial market, increasing the popularity of cryptocurrency assets and related investment products. Countries are enhancing their regulations and infrastructure in this industry. Bithumb, as a market pioneer, is expanding globally starting from South Korea and the launch of Bithumb Family marks a significant milestone.

Bithumb Family aims to provide competitive, safe, and reliable blockchain products, services, and solutions for the digital financial ecosystem, continuously creating value for customers.

CMO of Bithumb, Sunny Ng, delivered a keynote speech detailing the family members under the Bithumb Family structure, including individuals, institutions, and enterprises from the blockchain and traditional financial industries, covering blockchain underlying technology and architecture, trading platforms, and derivative financial services. This includes the globally distributed centralized exchange Bithumb Global and the decentralized trading platform Bithumb DEX, ensuring a good user experience and trading depth. Bithumb also addresses the increasing demand for cryptocurrency custody by launching Bithumb Custody, a custody service focusing on user asset security, establishing multi-party trust, and facilitating fund entry channels. Additionally, to comply with local regulatory requirements, Bithumb introduced the securities token issuance solution Bithumb STO and the over-the-counter institutional trading service Bithumb OTC, extending its service offerings comprehensively.

Javier Sim, Co-founder of Bithumb Global, also attended the Bithumb Family launch event, stating, "Bithumb Global aims to unite the entire crypto community on a fair and transparent platform to collectively build a globally distributed digital asset platform." Bithumb Global has initiated the Unleash strategic plan to launch a series of globalization processes, focusing on localized development for different markets, expanding overseas operations and product promotions based on compliance, catering to diverse needs of global users, and providing secure, professional, efficient, convenient, and reliable digital financial services. Bithumb, along with Bithumb Global and global partners, will drive the practical application of blockchain technology, lowering the barriers to entry and enabling more people to participate in the blockchain wave.

What is the Blockchain Value Network? While the traditional internet facilitates the transfer and duplication of information, blockchain completes the transfer of value. Whether in the Internet of Things, finance, smart devices, healthcare, education, records, judiciary, copyrights, or even entertainment, blockchain can deliver core value. From this perspective, blockchain serves as the foundation for various applications in these fields, and it will have a significant impact on the basic protocols and infrastructure of existing networks.

To embody and realize the value of the blockchain network, Bithumb has independently developed Bithumb Chain. Bithumb Chain is the foundation for the development of the Bithumb Family, providing the operational energy for the entire ecosystem. The goal of Bithumb Chain is to facilitate the flow of value, information, and commerce across the blockchain ecosystem. Bithumb Chain complements the existing products, services, and infrastructure of Bithumb, enabling each product and platform of the Bithumb Family to profit from the exchange of upstream and downstream value. In Bithumb's vision blueprint, Bithumb Chain is seen as the solid foundation of the future city — the blockchain city, where other members of the Bithumb Family offer various products, platforms, and value-added services, representing critical infrastructure of this city.

Bithumb Chain provides the design of the Profit Sharing Protocol (PSP) trading agreement and offers Exchange-as-a-Service (EaaS) for users employing the trading agreement, making trading a service. EaaS allows channels (i.e., users) to access services with a single click. Based on the settings of the PSP trading agreement, channels can customize the fee ratio unilaterally, facilitating independent use by channels. This revenue is settled instantly with the completion of transactions. Channel operators only need simple configurations, such as fee standards, fee accounts, supported trading pairs, etc., to quickly utilize the trading service provided by Bithumb Chain's trading agreement infrastructure, significantly enhancing efficiency. This channel incentive method encourages more channel usage of EaaS, increasing profits for channels in need of exchange establishment and providing an additional monetization avenue for wallet application-like channels.

Supported by strong profitability and robust technical capabilities, Bithumb Chain, along with the members of the Bithumb Family, will open up cooperative relationships and sustainable interactive cycles within the ecosystem, continually providing competitive, safe, and reliable blockchain products, services, and solutions, creating value for customers.

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