Bithumb, a leading South Korean crypto exchange, has entered into a strategic partnership with Singapore-headquartered digital asset trading platform BitMax for collaboration in developing services and products.
Announced on Monday, the two exchanges have signed a memorandum of understanding (MoU) and will focus on taking on the global competition with their collaborative services.
Per the terms, they will share their expertise for the development of blockchain and infrastructure technology.
Commenting on the partnership, George Cao, chief executive at BitMax, said: “Rigorous product innovation has always been a key point of differentiation for our institutional-grade trading platform. We are thrilled about this exciting opportunity to combine that approach with Bithumb Korea’s deep crypto business expertise. Both institutions will work closely on the delivery of synergistic services and products to our global users across the digital asset ecosystem.”
In-house financial experts
Founded in 2018, BitMax’s leadership consists of Wall Street veterans from giants like Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and even Gemini. Cao, the founder and CEO of the exchange, is the former chief investment officer of Delpha Capital Management.
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The South Korean crypto exchange is now hoping to receive great support from all these financial experts with its newly signed partner BitMax.
BitMax is also among the top 10 global liquidity players for crypto trading and serves both institutional and retail clients with its services.
Bithumb, on the other hand, is the leading digital asset exchange in South Korea; however, its presence outside its home country is limited. Despite the big numbers, the exchange had serious security flaws as it was hacked three times.
The exchange also made headlines when it was slapped with an outstanding tax fine of $69 million by the South Korean Tax Authority. The exchange, however, raised questions on the tax department’s practices and appealed to the tribunal against the hefty fine.