Bithumb's foray into global STO market gains traction
Bithumb's foray into global STO market gains traction
  • Jason Kang
  • 승인 2019.05.21 08:42
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Korea’s largest cryptocurrency exchange Bithumb is accelerating its foray into SOT, or securities token market.

Bithumb said today that it has invested unspecified amounts of money in STO blockchain platform operator Code Box.

The Korean cryptocurency exchange operator also has signed a memorandum of understanding, or MOU with Standard & Consensus, or SNC of China, a credit rating company of blockchain projects.

Bithumb agrees to invest in Code Box
Bithumb agrees to invest in Code Box

Code Box is operating a blockchain platform to issue and manage physical assets-backed STOs like real estates and artworks.

With its investments in Code Box, Bithumb will cooperate with Code Box on many fronts to conduct joint R&D projects for STO platform build-ups.

Code Box launched its own homegrown blockchain mainnet “codechain” in April to start assets tokenization services, aiming to support digital assets issuance and trading as well as voting and dividend distribution.

The platform also support freezing services of alleged crime-related accounts and provide various tools and instruments to protect assets holders’ privacy and personal information.

Bithumb also agreed to cooperate with SNC of China in money-raising, ITOs, and deal sourcing areas for STO.

Under the terms of the agreement, SNC will hold the responsibility for analyzing and assessing the ITO, or initial token offering project of seriesOne, Bithumb’s U.S. partner.

Bithumb hopes that the cooperation will give it a head-start for addressing global STO market.

Bithumb is now working together with U.S. FinTech company seriesOne to establish STO exchange in the U.S. On the way toward that goal, the exchange submitted applications for ATS licenses to U.S. Securities Exchange Commission, or SEC.

The ATS license applications is now under SEC review. Bithumb will serve as a technology build-up partner for seriesOne’s STO exchange platform build-up.

 

 


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