Bithumb Partners with Nvelop to Launch Crypto Exchange in the UAE
- The firm is targeting to expand its business in the MENA region.

South Korean cryptocurrency exchange Bithumb is expanding its operations in the Middle East by opening a new fiat-to-crypto exchange in the United Arab Emirates (UAE), the South Korean Financial News reported.
According to the report, Bithumb has signed a memorandum-of-understanding with Abu Dhabi-based firm Nvelop to form a joint venture in the UAE to operate the new platform.
With this partnership, Bithumb aims to increase its foothold in the MENA region with plans to expand to Saudi Arabia and Bahrain after its UAE entry.
"The partnership with Envelope will enable us to build a foothold in the Middle East as a global exchange," a Bithumb spokesperson told the Financial Times. "This year, we will diversify into a business centered on overseas business.”
Last year, the UAE’s financial market regulator the Financial Services Regulatory Authority (FSRA) signaled to introduce a regulatory framework for the cryptocurrency sector licensing the business dealing in digital assets.
According to the FSRA’s plans, the agency will introduce the licensing system from the first half of this year.
Global Market is the Target
After its dominance in the South Korean market, Bithumb is now eying to grow its foothold around the globe. Last week, it launched an OTC Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. Read this Term for institutional clients under the Hong Kong-headquartered Bithumb Global.
The exchange is also pushing for a public listing in the United States via a reverse merger deal as Bithumb’s parent company signed a letter-of-intent with US-listed Blockchain Industries in January.
South Korean cryptocurrency exchange Bithumb is expanding its operations in the Middle East by opening a new fiat-to-crypto exchange in the United Arab Emirates (UAE), the South Korean Financial News reported.
According to the report, Bithumb has signed a memorandum-of-understanding with Abu Dhabi-based firm Nvelop to form a joint venture in the UAE to operate the new platform.
With this partnership, Bithumb aims to increase its foothold in the MENA region with plans to expand to Saudi Arabia and Bahrain after its UAE entry.
"The partnership with Envelope will enable us to build a foothold in the Middle East as a global exchange," a Bithumb spokesperson told the Financial Times. "This year, we will diversify into a business centered on overseas business.”
Last year, the UAE’s financial market regulator the Financial Services Regulatory Authority (FSRA) signaled to introduce a regulatory framework for the cryptocurrency sector licensing the business dealing in digital assets.
According to the FSRA’s plans, the agency will introduce the licensing system from the first half of this year.
Global Market is the Target
After its dominance in the South Korean market, Bithumb is now eying to grow its foothold around the globe. Last week, it launched an OTC Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. Read this Term for institutional clients under the Hong Kong-headquartered Bithumb Global.
The exchange is also pushing for a public listing in the United States via a reverse merger deal as Bithumb’s parent company signed a letter-of-intent with US-listed Blockchain Industries in January.