Bithumb Global: A South Korean Player in India
Bithumb Global, the international offshoot of one of South Korea’s original crypto exchanges, is setting its sights on the Indian market. Their strategy? Link up with local exchanges, put some chips into local blockchain startups, and shake things up in the industry. They’re not just whistling a happy tune, though—they’re eyeing regulatory compliance like it’s the golden ticket to success.
Bridging the Gap with Regulators
“We are open to talking to regulators,” said Javier Sim, co-founder and managing director at Bithumb Global. It’s as if they’ve struck a pose in the regulatory yoga pose—they’re ready to bend and stretch without breaking. Sim reassured skeptics that Bithumb isn’t a wild west operation: “We do not involve ourselves in unregulated or illegal trade.” That sounds a little like someone who’s just gotten out of a messy relationship with the law and is now looking for something more serious.
A New Player Since 2019
Although Bithumb Korea has been around since 2014, Bithumb Global just made its entrance in May 2019. They kicked things off with a beta launch and officially strutted their stuff on October 1. With claims of handling over 59% of Bitcoin transactions in South Korea, their arrival is more than an appetizer—it’s a five-course meal of interest for crypto investors.
What’s Cooking in India?
While Bithumb Global is ready to stir the pot in India, the country is still in the kitchen, debating the fate of cryptocurrency under the heat of a proposed complete ban. It’s like waiting for a soufflé to rise while the oven is on the fritz. Local reports indicate that if the government decides to implement these restrictions, it might lead to a brain drain, with estimations suggesting a whopping $13 billion could slip through India’s fingers.
The Future of Crypto in India
For Bithumb, the future hinges on cooperation: if they can work out the kinks with local regulations, they might just become a household name for Indian crypto enthusiasts. They plan to tackle the challenges head-on and perhaps, with a bit of patience, they’ll get to introduce their offerings without a hitch.
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