South Korea’s top cryptocurrency exchange Bithumb has signed a deal with seriesOne, a U.S. fintech company to set up a security token exchange in America, industry sources said Thursday.
seriesOne chose Bithumb as a technology partner, as they possess the know-how to build a tokenized security exchange.
Companies must acquire an Alternate Exchange (ATS) license from the US Securities and Exchange Commission to be compliant and to acquire a license, it is necessary to have a partner who has the relevant technology.
Commenting on the apparent move, an official from the aforementioned South Korean cryptocurrency platform told Yonhap:
“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.”
Upon successful creation, seriesOne plans to propose to the Securities and Exchange Commission (SEC) for the securities token to be listed in the US stock trading market and to have it publicized on NASDAQ within the second half of next year.