Security tokens, in addition to allowing holders to purchase goods and services, often promise investment returns and value appreciation, much like a traditional security.
Yonhap reports that Bithumb signed an agreement with American crowdfunding platform SeriesOne. A Bithumb official purportedly told the news agency:
“SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road.”
Major South Korean cryptocurrency exchange Bithumb has reportedly signed a deal with an American fintech firm in an effort to open a securities token exchange in the U.S., South Korean Yonhap News.
Last week, Hong Kong-based crypto exchange Change revealed that it had helped Bithumb recover some tokens that were lost during a devastating hack in June. Bithumb initially lost over $30 million due to the hack but managed to recover approximately $14 million with the help of industry partners.
Changeling stated that it was able to return 1,063,500 Ripple (XRP) tokens to Bithumb, which at the time of the hack were worth about $585,000.
According to CoinMarketCap, Bithumb is currently the number one crypto exchange, with a 24-hour trade volume of $1.7 billion.