Bithumb Expands Globally with New Decentralized Crypto Exchange Partnership

Bithumb and RNT Team Up

In an exciting development in the crypto world, South Korean exchange Bithumb, currently boasting the title of the world’s sixth-largest by daily trading volume, is set to launch its own global decentralized crypto exchange. This news comes from Business Korea, which reported on October 4th that Bithumb has partnered with blockchain innovators One Root Network (RNT). RNT has designed an Ethereum-based decentralized token transaction protocol called ‘R1’.

The beauty of the R1 protocol lies in its clever structure, which separates order matching from order execution. RNT champions this dual-functionality as a notch-up in security and efficiency for traders. Because, let’s face it, who doesn’t want to feel like a trading superhero?

Advantages of Decentralized Platforms

Decentralization in crypto trading is like moving from a crowded elevator to a spacious stairwell: you can’t get stuck on the way to your floor! In simpler terms, decentralized exchanges (DEXs) facilitate peer-to-peer trading through automated systems. They don’t hold onto users’ crypto (no room for sticky fingers here!) which makes them generally less susceptible to theft than their centralized counterparts.

However, a note of caution: while DEXs increase security, they might lag behind in trading speed compared to centralized exchanges. But hey, good things come to those who wait. Right?

Focus on Technical Excellence

According to a Bithumb representative, this partnership with RNT is all about technical support. The new DEX will be managed by its overseas subsidiary, with RNT lending a necessary hand solely in the decentralized exchange arena. It’s like having a tech-savvy friend help you set up your gaming console, minus the pizza and soda!

A Step Towards Global Competition

Why is Bithumb doing this? Well, let’s just say they’re eyeing the global market. The unnamed industry insider quoted by Business Korea points out that while Bithumb is a heavyweight in transaction volume, most of its clientele is rooted in Korea. This move into the DEX arena signals a strategic push to grab more attention and users in the wider global marketplace.

Interestingly, Bithumb isn’t the only player in the Korean market exploring DEXs. Rivals like Upbit are also dipping their toes into decentralized platforms. It’s like a crypto version of a yearbook superlative – who will come out as ‘Most Likely to Succeed’ in DEX development?

The Bigger Picture

This burgeoning competition among exchanges coincides with noted players like Binance, the world’s largest crypto trading platform, hinting at their own forthcoming decentralized exchange. Expected launch dates are still shrouded in mystery, adding a layer of suspense to an already thrilling sector.

With Bithumb currently moving a staggering $336,761,580 in daily trades, according to CoinMarketCap, the stakes are certainly high. The decentralized exchange market is heating up, and we can’t wait to see how all these players will crack it!”