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.
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