Bithumb, among the largest crypto exchanges in the world, is starting its expansion to the Middle East with the launching of a crypto exchange in the United Arab Emirates (UAE). It has signed an agreement with the local company Nvelop for the initiative.
Bithumb has been, indeed, substantially active. As shared last week it announced the launching of an over-the-counter trading desk for digital assets — and as mentioned in the end of january it is planning to go public in the US through a reverse merger initiative.
And in terms of geographical expansion the United Arab Emirates will be just the first experience of the crypto exchange in the region. Bithumb is planning to further its enlargement to countries like Saudi Arabia and Bahrain, among others.
“The partnership with Nvelop will enable us to build a foothold in the Middle East as a global exchange. [...] This year, we will diversify into a company centered on overseas business.” — Said Bithumb, according to the local news outlet “The Financial News”
As with the bet on the OTC trading desk, the South Korean crypto exchange is joining other major crypto exchanges by diversifying its activity and geographical area of influence amid challenging market conditions.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news