Bithumb Joins Binance And Bitfinex In Working on a Decentralized Exchange

Bithumb is planning to launch a decentralized a cryptocurrency exchange. It joins a growing list of exchanges looking to make it easy for people to trade crypto assets without relying on intermediaries.  The proposed decentralized exchange should be up and running before the end of the month.

The exchange is to launch the platform through an overseas subsidiary. Bithumb is working hand in hand with One Root Network a blockchain startup to bring the platform to fruition. The South Korea exchange immediate plans underscore its intention to expand into the global market.

Developing a decentralized platform is part of the company’s push to compete with other leading exchanges. Competition in the crypto space has inched a notch higher in recent months thanks to widespread acceptance and adoption of cryptocurrencies. In a bid to accrue a competitive edge, exchanges have sought to come up with new products to attract more customers.

Regulatory uncertainty back at home has also forced to Bithumb to rethink its long-term plans. The company has for the longest time shied away from venturing into new markets.  With the regulatory environment back at home uncertain, the firm has no choice but to broaden and rethink its operations.

Bitfinex, one of Bithumb fierce competitor announced in September, plans to launch EOSFinex a decentralized platform. The peer-to-peer platform is to operate unconstrained by borders, featuring high levels of integrity and speed.

The exchange is building the platform around pillars of decentralization trust and performance. While the beta version of the exchange did hit the airwaves in September, it is yet to go public.

Binance another high profile crypto exchange has also reiterated plans to launch a decentralized crypto trading platform. The exchange has already unveiled a beta version of Binance DEX, slated for release to the public before the end of the year.