Another crypto exchange giant Bithumb plans to expand its work by launching a decentralized exchange according to the latest crypto news coming from South Korea.
Bithumb will launch a decentralized exchange in the near future and it’s expected to impact the entire cryptocurrency market. The exchange is being developed by a company named One Root Network that has one successful decentralized exchange launched at the start of this year.
An anonymous source for Bithumb explained that the exchange plans to expand its user base internationally and start working in the following months. He continued by saying:
“Bithumb is one of the leading global exchanges in terms of transactions but it is true that most of its users are Korean. The latest decision seems to be the company’s strategy to compete with other leading exchanges in the global market by opening a decentralized exchange that receives attention in the global market.’’
Bithumb is one of the centralized crypto exchanges that make a huge profit just from trading fees. But, on a decentralized exchange, a third party provider doesn’t exist so there’s no one involved when processing crypto trades.
Binance was among the first however to deploy such project and the CEO Changpeng Zhao once stated that he is convinced that decentralized exchanges are the future of crypto markets. Binance is expected to be the biggest competitor of Bithumb because it already established a dominant position in the exchange market.
As if crypto investing wasn’t confusing enough, investing via decentralized platform will likely be even more complicated because as said earlier, there will be no third party service providers to rely on. However, launching Bithumb’s decentralized exchange could be a very positive thing for the company.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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