HomeBlockchain InfrastructureBithumb Launches Decentralized Exchange on the Ethereum Network

Bithumb Launches Decentralized Exchange on the Ethereum Network


South Korean cryptocurrency exchange Bithumb announced the launch of its Decentralized Exchange (DEX) which is structured on the Ethereum blockchain. The move comes days after the exchange sold a majority stake of its equity for $353 million.

Bithumb’s DEX is Live

Bithumb’s decentralized exchange went live on October 15, following the trend of other major cryptocurrency exchanges to launch their very own decentralized solutions.

In a commemorative tweet, the exchange said that in order to celebrate the event, users can take advantage of an Airdrop and of free transactions fees until November 15th.

The new platform will initially enable DENT, INS, POA20, RNT, and WTC trading pairs with Ethereum (ETH). However, it’s likely that more trading pairs will be added in time.

Quick Recovery

Earlier this year, Live Bitcoin News reported that Bithumb felt victim to a hacking attack, losing about 45 percent of the coins which were traded on the exchange or about $31 million. Shortly after, the exchange announced that it has managed to recover $14 million of the stolen digital currencies, outlining:

The main reason for the reduction of the damage is due to the ongoing participation, support, and cooperation of cryptocurrency exchanges and cryptocurrency foundations across the world.

The company confirmed that all those who lost their cryptocurrencies will be reimbursed.

Despite the heist, Bithumb still managed to turn a profit of about $35.3 million in the first two quarters of 2018.

Just a few days ago, Bithumb sold the lion share of its company to Singapore’s BK Global Consortium. The deal reportedly went for $353 million, implying a valuation of about $700 million. Speaking on the matter, a representative from BK Global Consortium said:

Kim Byung-gun demonstrated his multinational management ability in the field of medical care, fintech, and blockchain in Singapore. He is the right person to pursue the systemization and globalization of the virtual currency exchange.

What do you think of Bithumb’s decentralized exchange? Don’t hesitate to let us know in the comments below!

Images courtesy of Twitter (@BithumbOfficial) and ShutterStock


Upcoming Events

Most Popular