On February 17, 2020, BitMax.io, a Singapore-registered digital asset trading platform with a global footprint, and Bithumb, a South Korean-based crypto exchange, announced a global strategic partnership to leverage their respective market presence and expertise.
The two exchanges also agreed to develop blockchain and cryptocurrency technologies and infrastructure jointly.
A possible reason why Bithumb partnered with its Chinese peers is that Bitmax occupies the top spot in the global liquidity market-based CoinMarketCap (CMC).
The collaborative effort will foster new opportunities as well as accelerate the development of product solutions in today’s competitive crypto environment.
Founded by a group of Wall Street quant trading veterans in 2018, BitMax.io offers a broad range of financial products for retail and institutional clients.
A Bithumb official hinted to their exchange taking advantage of BitMax’s Wall Street connections by claiming:
“Bithumb will be able to get business ideas and know-how from Wall Street experts through the latest strategic partnership.”
Dr. George Cao, CEO of BitMax.io, reiterated the Bithumb official’s comments, stating that his exchange was thrilled about this exciting opportunity to combine that approach with Bithumb Korea’s deep crypto business expertise.
Partnership Marks a Massive Step Forward for the Crypto Community
Bithumb has expanded its investment in blockchain technology by developing and providing custody, kiosk, and research facilities, thereby contributing to the growth of the cryptocurrency ecosystem.
On the other hand, BitMEX offers a broad range of financial products and services for both retail and institutional clients, with robust product design ranging from innovative volatility products to margin trading and other investment solutions.
Their collaboration will encompass the development of blockchain and infrastructure technology and foster new opportunities as well as accelerate the growth of product solutions in the crypto space.
Crypto enthusiasts should be excited about this new partnership, as both institutions will work closely on the delivery of synergistic services and products across the digital asset ecosystem.
Bithumb Plans to be a Global Blockchain-based Financial Platform
Just about a month ago, on January 10, 2020, Bithumb pledged to invest roughly $8 million into the Busan blockchain zone. The district was recently declared “regulation-free” by the government and molded after the crypto town of Zug in Switzerland.
Busan is allegedly one of seven regions that the Korean government has chosen to pilot distributed ledger tech and crypto solutions.
By adding BitMax to its list of partners, Bithumb proves that it is not stopping there and will form strategic alliances with other domestic and overseas crypto startups until it becomes a pioneering blockchain-based global financial platform.