Peer-to-peer (P2P) bitcoin trading platform Paxful has announced that it is joining the popular South Korean cryptocurrency exchange Bithumb Global, arguably one of the largest and most influential exchanges in the entire country.
Bithumb and Paxful now work together
Thanks to this new partnership, Paxful will have access to more customers in Asia. Bithumb currently has approximately one million mobile app users and eight million registered exchange users. In addition, the company monitors approximately one trillion transactions. The goal is to bring financial freedom to users around the world.
However, this is a slightly questionable statement when, just over a month ago, Bithumb was apparently seized by law enforcement officers in South Korea. It was alleged that over time, the nation had ingrained regulatory practices that required increased monitoring of bitcoin, cryptocurrencies, and their respective exchanges. However, Bithumb allegedly went against several new amendments, which is why the crypto exchange was eventually seized.
It had not been reported what happened to Bithumb after the seizure, and while the company appears to be still in business, it is unclear whether the exchange has been returned to the original executives or whether the company is still under control. . influence of legislators. However, that doesn’t seem to deter Paxful, which has sought to establish partnerships with several leading cryptocurrency platforms around the world to bring the benefits of bitcoin and cryptocurrency trading to virtually anyone who wishes to receive them.
Javier Sim, co-founder and CEO of Bithumb Global, announced in a press release:
We are pleased to partner with Paxful to provide our users with a faster, more secure, and more convenient fiat-to-crypto gateway. This collaboration marks another milestone in our global expansion.
A second attempt at domination?
South Korea, where Bithumb is stationed, was, at one time, one of the leading cryptocurrency nations in the world, initially accounting for about a quarter of global bitcoin and digital currency transactions. Since then, the nation has taken steps to regulate parts of the crypto space and prevent crime. For example, South Korea has banned initial token offerings (ICOs) to ensure investors are not misled considering how much theft has arisen from these events.
However, it appears that the nation may be working its way back up the financial ladder and is trying to secure its place as a leading crypto nation once again. South Korea recently announced a trial period for its new digital won, with the won being the country’s national currency. This would be a virtual version of the fiat and would likely put South Korea in competition with China, which has also released a digital version of its national fiat, the yuan, to a select number of traders in recent weeks.