Crypto exchange Bithumb and crowdfunding platform seriesOne have launched a security token exchange in the U.S. together.
In a press release from seriesOne, it has been announced that the two firms will work together and the launch still depends on regulatory approvals from the U.S. Securities and Exchange Commision (SEC) and the Financial Industry Regulatory Authority (FINRA).
Michael Mildenberger, CEO of seriesOne, which already offers an SEC-regulated platform that supports projects launching initial token offerings, said:
“I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange,”
Last June, Bithumb was hacked for nearly 31 million dollars in cryptocurrency. Later they claimed that the losses had been reduced to 17 million dollars after they retrieved some of the funds.
Now, after making security improvements, they said that they want to renew their contract with the local Nonghyup Bank.
Bithumb CEO Back Young Heo on the team-up with seriesOne:
“We are not only impressed by the mix of talent between investment banking, compliance, and technology of the seriesOne team but also with their deep understanding of US securities regulations and how they apply to token offerings.”
On the other end of the partnership, SeriesOne has established a South Korean subsidiary, presumably with Bithumb’s help and local expertise, to issue and offer security tokens within the Asian nation.