Peer-to-peer (P2P) bitcoin trading platform Paxful has announced it is joining hands with popular South Korean cryptocurrency exchange Bithumb Global, arguably one of the largest and most influential exchanges throughout the country.
Bithumb and Paxful Are Now Working Together
Thanks to this new partnership, Paxful will have access to more customers in Asia. Bithumb currently boasts roughly one million mobile app users and eight million registered exchange users. In addition, the company oversees roughly one trillion in transactions. The goal is to bring financial freedom to users everywhere.
This is a bit of a questionable statement, however, when just over a month ago Bithumb was apparently seized by law enforcement agents within South Korea. It was alleged that over time, the nation had instilled regulatory practices that required further monitorization of bitcoin, cryptocurrencies and their respective exchanges. However, Bithumb allegedly went against several new amendments, which is why the crypto exchange was ultimately seized.
It hadn’t been reported what came of Bithumb after the seizure, and while it looks like the company is still in business, it’s unclear if the exchange has been placed back in the hands of the original executives or if the company is still under the influence of legislators. However, it doesn’t look like that’s deterring Paxful, which has sought to establish partnerships with several leading cryptocurrency platforms around the world so as to bring the benefits of bitcoin and crypto trading to virtually anyone willing to receive them.
Javier Sim – co-founder and managing director of Bithumb Global – announced in a press release:
We are pleased to partner with Paxful to provide our users with a fast, secure and more convenient fiat-to-crypto gateway. This collaboration marks another milestone in our global expansion.
A Second Attempt at Dominance?
South Korea – where Bithumb is stationed – was, at one point, one of the leading cryptocurrency nations across the globe, initially accounting for roughly one quarter of the world’s bitcoin and digital currency trades. The nation has since taken steps to regulate portions of the crypto space and prevent crime. For example, South Korea has banned the likes of initial token offerings (ICOs) to ensure investors aren’t cheated considering how much theft has emerged from these events.
However, it looks like the nation may be working its way back up the financial ladder and is trying to secure its place as a leading crypto nation once again. South Korea recently announced a test period for its new digital won, with the won being the country’s national currency. This would be a virtual version of the fiat and would likely put South Korea in competition with China, which has also released a digital version of its national fiat – the yuan – to a select number of traders over the past few weeks.