The South Korean crypto exchange Bithumb aims to enhance its global presence by forming a partnership with digital asset trading platform BitMax. The move will also promote the developing of services and products.
The two companies have successfully signed a Memorandum of Understanding, and each of them will try to take on global challenges through cooperation.
For the most part, they will be focused on the development of Blockchain and technology.
George Cao, who is a chief executive of BitMax, noted the company has always been distinguished from the others for its high-quality trading platform. They are excited to have the opportunity of combining their innovations with Bithumb’s crypto business expertise. He also hoped that both platforms would work jointly to deliver exclusive services to the customers using digital assets worldwide.
What is BitMax?
Bitmax was established in 2018, and the company should be proud of having high profile Wall Street officials with the experience from prominent banks, like Morgan Stanley, Goldman Sachs, Bloomberg, Deutsche Bank, Gemini. George Cao himself, who is the founder and current CEO of the exchange, was a former chief investment officer in Delpha Capital Management.
Bitmax also ranks in the top 10 global liquidity players for crypto trading and with the support of BitHumb it plans to adopt great innovations.
What is Bithumb?
Bithumb is a prominent digital asset exchange in South Korea, though it has a limited presence in the country. Although Bithumb enjoys big numbers, the platform has severe issues with security because it was hacked three times. In the period of cyber dangers, of course, this is a huge problem.
You may also remember that the exchange gained notoriety when the South Korean Tax Authority fined it with a tax fine of $69 million. The exchange in its turn claimed that the penalty was unfair. They questioned the tax department’s practices and appealed to the court against the fine on January 16, 2020.
Tax tribunal has 90 days to determine whether it was an appropriate fine or not. It can eventually repeal the fine completely if BitHumb turns out to be innocent.
The partnership will surely benefit both sides, as it is not very often when the two platforms decide to cooperate with each other. The mix of unique expertise and knowledge from both sides will definitely be a catalyzer for future projects and opportunities, not only for Bithumb and BitMax but for other crypto traders as well.