Bithumb To Open Decentralized Exchange Before Binance

The next big step in the field of cryptocurrency, especially for the cryptocurrency exchanges has been developing a Decentralized Exchanges platform. Commonly referred to as DEXs, the decentralized platform will allow users to trade any variety of crypto assets without an intermediating party and many notable exchanges and promising startups are jumping on this particular wagon. The latest addition to the world of the decentralized platform is one of South Korea’s foremost crypto exchanges, Bithumb.

According to the reports by Business Korea on October 4th, launching a DEX is part of Bithumb’splan to expand its horizon into the global market. The South Korean exchange claims that by the end of October, their DEX will be available through an overseas subsidiary.

A Bithumb representative elaborates to the publishing that they partnered with  a global blockchain startup, One Root Network (RNT), to develop this decentralized platform, he stated:

Our DEX will be operated by our overseas subsidiary. The company is working together with RNT only in the decentralized exchange sector.

An unnamed “official” added that the move was anticipated by many insiders as the Bithumb already hosts a countless number of Korean users and is planning to branch out into new markets. He said:

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.

The emergence of DEX platforms

Several of Bithumb’s competitors have also announced their plans to launch similar decentralized platforms, including Bitfinex. The platform in mid-September announced the release of EOSFinex, that will be an  EOS-based “peer-to-peer value exchange,  unconstrained by borders and built around a foundation of transparency, speed, and integrity.” A beta version of the platform was reportedly launched at London’s Blockchain Lived on September 26th, the public, however, is still waiting to gain access to EOSFinex.

Binance, the world’s largest crypto exchange by trade volume also forayed into the space of the decentralized platform as the CEO recently announced that the beta version of Binance DEX could go live as early as the end of 2018.

It is unlikely that the decentralized exchanges launched by Binance, Bitfinex, and Bithumb could bring upon a crypto -evolution in terms of mainstream adoption. Though, these steps surely do indicate, the eco-systems advancement towards the world free from centralization and the undue power advantage it lends to some.

Read more: Binance Cryptocurrency Exchange Freezes User’s Wallet Holding 1200 Bitcoins