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South Korean firm announces the launch of a decentralised exchange

bithumb new crypto exchange

This October crypto giant Bithumb announced the inauguration of their own decentralized exchange. They plan to utilize the R1 protocol in order to achieve maximum efficiency.

Earlier in June this year, Bithumb, one of the major crypto-exchanges in South Korea reported losing $30 million in crypto-currency to hackers. However, the company utilized its resources and quickly reinstated the customers’ funds. Following that, the firm stopped registering new users according to the new policies of the South-Korean government.

Bithumb DEX ( the decentralized exchange) will use OneRoot network’s tech to increase the efficiency by distinguishing the orders of the firm’s operations. It will also increase the fluidity of the system both internally and across other platforms that support R1, resulting in a much larger exchange bubble.

Bithumb also notified the public of two of their upcoming events: the airdrop event and the free transaction event. The free transaction event will last for the month of October with clients enjoying free transactions of every crypto-currency with the exception of Ethereum. To make a transaction on the ETH network, the customer will need to pay a ‘gas fee.’

The airdrop event lasting the second half of October will randomly award approximately 500 ETH or hundred thousand dollars to lucky customers.

An award of crypto-coins will also be given to a thousand customers who trade the most within the time frame. The condition is that they have to trade more than 1 ETH’s exchange worth for other coins.

The winners will be announced on the first of November, and the payment date will also be declared on the same date though the airdrop will award customers randomly in one of the many crypto-currencies.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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