Report: Bithumb Global to Launch Regulated Crypto Exchange in India

Bithumb Global, the international platform of South Korean exchange Bithumb is looking to expand a regulated crypto exchange in India.

On Oct 3rd, local media outlet, The Economic Times reported that Bithumb is looking to launch in India by partnering with local crypto exchanges, working on new industry initiatives while funding for local blockchain startups.

Co-founder and managing director at Bithumb Global, Javier Sim said that they are willing to engage with Indian regulators regarding expansion into the Indian territory.

“We are open to talking to regulators, working with them to be a regulated exchange. We are a strong brand from Korea and do not involve ourselves in unregulated or illegal trade.” Javier Sim, co-founder and managing director at Bithumb Global

Crypto review in India

On the other hand, India is still waiting for the formal review regarding a proposed ban complete ban on cryptos in India.

India is seeing signs of a potential brain drain while the government is looking to make cryptocurrency investments as illegal in India.

Sidharth Sogani, CEO of crypto and blockchain research firm Crebaco Global estimated that India will potentially lose a $13 billion worth of market share if the cryptos get eventually banned in the country.

Bithumb Global Debut

Found in 2014, Bithumb Korea is one of the earliest crypto exchanges of South Korea. The launch of Bithumb Global beta took place on May 2019.

On Oct 1st the company officially announced “next-generation” digital asset exchange while claiming that Bithumb facilitates over 59% of the entire South Korean transaction volumes of Bitcoin (BTC).

Javier Sim adds that Bithumb Global since its launch of the platform in beta had more than one million global users while its daily trading volume exceeded over $381 million.

Source: Cointelegraph.com | economictimes.indiatimes.com| Image source: Cryptobit.media

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