The new locations are part of company’s global expansion plan, which aims to establish Bithumb as a leading crypto exchange in all major crypto markets of the world.
It seems that the recent loss of $16 million during a hack has not impacted the international expansion plans of Bithumb. The exchange is now planning to expand into Thailand and Japan, according to reports coming from ZDNet and local media of Thailand. The new locations are part of company’s global expansion plan, which aims to establish Bithumb as a leading crypto exchange in all major crypto markets of the world. But right now it’s looking that Thailand and Japan are going to be the next stops for this major exchange. Let’s take a look on how far ahead company is in the process of starting operations in these countries.
According to local media in Thailand company’s officials are in touch with Thai markets regulator Securities and Exchange Commission (SEC). A Thai subsidiary has already been established by the company with registered capital of 3 million baht ($90,000 approx.) and now the only thing remaining is a go-ahead from Thai SEC. Explaining the reason behind Thailand expansion a company official told ZDNet:
“Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.”
In the meantime Bithumb has also been building its Thailand website. The same official told ZDNet that company plans to start its Thailand operations sometime towards the end of October.
To operate a cryptocurrency exchange in Japan it’s necessary to obtain approval from Financial Services Agency (FSA) of the country, and Bithumb is trying to do that there as well. The exchange official who spoke to ZDNet also revealed that company plans to establish an exchange in the country that supports largest number of coins in comparison to other exchanges operating in the country.
According to a Money Today report Bithumb has reportedly also established a subsidiary in Singapore and Britain. The exchange official also added that it’s considering expansion into US, Europe, India and other markets as well, but the time for that has not been determined yet. The official added that Bithumb is working with overseas partners to launch faster and more efficient platforms for crypto traders around the world, and an Indian version of platform is under final development stage. He said:
“Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.”
It will be interesting to see now how long it takes for Bithumb to come to India. It won’t be anytime soon though, as there’re a number of other crypto markets where the company would want to expand first.