One of the world’s largest cryptocurrency exchanges Bithumb could invest more than $8 million into the South Korean regulatory sandbox, as the latest cryptocurrency news today show. The move could be done through its daughter company GCX Alliance.
As reported before, Bithumb could do this and has shown intent to put $10 billion won ($8 million) into what is known as the South Korean “regulatory free zone” in Busan, according to reporting from Seoul on January 9.
The second largest city in the country, Busan, has been the subject of prior headlines for its status as a deregulated outpost and its desire to create a digital currency which is based on blockchain technology.
As the Bitcoin news before showed, in December 2019 KT (which is South Korea’s most sizeable telecom company) announced the introduction of a blockchain-based currency which is local to Busan.
Bithumb could invest a lot of money in this zone and has shown interest in putting the 10 billion won towards the Tongsan Asset Exchange, which is located in Busan. As the Korean news article said, the country and its Financial Services Commission (FSC) plan to review the endeavor with Bithumb near January’s end.
“The industry expects Bithumb to launch various blockchain-based financial businesses in Busan with this investment,” the article added.
As a new report shows, the Presidential Committee of South Korea recently pushed for the approval of crypto derivatives products in the country. Bithumb could invest a lot based on this decision and shape up the future of this regulatory zone in South Korea.
Meanwhile, the latest news from the market show that Bitcoin is trading at $7,780 and Ethereum is at $137, while Ripple’s XRP token is trading at $0.2031 and Bitcoin Cash (BCH) is at $236. There has been a decrease in the prices and most of the altcoins fell when Bitcoin initiated its decline recently.
The total cryptocurrency market cap is now at $206 billion, which is a lot less compared to the levels from a few days ago. The correction started yesterday when Bitcoin (BTC) went in the $7,000 zone again for another time, dragging the altcoins with it. The dominance of Bitcoin is now at 68.5% which shows that the earlier days are now back in.
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