- Korea’s Bithumb has agreed and signed a strategic partnership with Singapore’s Bitmax.
- Bithumb aims to enter the global market for which it simply strengthened the capabilities of blockchain and cryptocurrency technology.
- Bitmax was also funded by the world’s largest miner Bitmain.
Bitmax is a global operator of digital assets exchanges based in Singapore for a diverse group of client’s which ranges from retailers to institutions. The Bitmax trading platform is architected by wall street quant (financial Engineers) trading veterans, Barclays and Deutsche Bank.
Bithumb is a South Korean cryptocurrency exchange like Bitmax, but much superior and one of the biggest and Korea’s major crypto exchanges known mainly for its Ethereum and bitcoin exchanges around the world.
Today these two companies sharing the common field of work came together under the influence of the network of Choi Jae-Won, a Barclays Native. Korea’s Bithumb has agreed and signed a strategic partnership with Singapore’s Bitmax.
This company will collaborate to develop new services and actively cooperate to contribute to the development of blockchain and cryptocurrency technologies and infrastructure.
A strategic partnership can be referred to as a relationship between two commercial bodies agreed to collaborate, usually formalized by one or more business contracts.
The aim behind the companies, that came into the strategic partnership is to share resources in a way that promotes growth in both companies.
The possible reason for why Bithumb partnered with Bitmax cause Bitmax occupies the top company in the global liquidity market based on cryptocurrency information company, CoinMarketCap (CMC). CMC provides mining and derivatives based on the price volatility of crypto. Bitmax was also funded by the world’s largest miner Bitmain.
Bithumb explained why it chose Bitmax to partner. Bithumb aims to enter the global market for which it simply strengthened the capabilities of blockchain and cryptocurrency technology within the company by having Bitmax on its side.
To further support the cause, it announced its plans to establish an integrated exchange subsidiary ‘GCX Alliance’ in Busan, which shares order books with several foreign and domestic exchanges.
Bithumb is not stopping there and going to partner or form alliances with other domestic and overseas organizations until it becomes a blockchain-based global financial platform company.