Bithumb Launches its Ethereum-Based Decentralized Exchange

October- 16, 2018 | AtoZMarkets

South Korea’s Bithumb exchange, has launched its decentralized exchange Bithumb DEX in Hong Kong.

The platform went live on DEX yesterday by implementing the Ethereum blockchain.

 The exchange , which is regarded to be one of the world’s largest crypto markets, uses in its new DEX uses Ethereum blockchain as an underlying software, which means the trading venue will only list coins based on that distributed ledger technology (DLT).

The decentralized exchange implements Ethereum blockchain through a protocol of One Root Project called “R1”.

 Currently, Rootrex DEX also uses R1, but the exchange is temporarily closed because “strategic partners are accessing R1 protocol and Rootrex,” according to the platform website.

Protocol R1 Seperates Matching and Settlement of Orders

One Root Project commented on the Bithumb DEX launch in a blog post on Monday, saying:

“As an efficient decentralized Token exchange protocol, R1 protocol innovatively separates matching and settlement of orders, enabling order matching to be done off the chain. As a result, there’s a significant increase in transaction speed and Bithumb users can enjoy trading experiences comparable with those of centralized exchanges.

Bithumb DEX shares order data and liquidity with all R1-based exchanges, providing users with better trading depth and higher asset liquidity.”

It is mentioned that Bithumb runs the DEX exchange through a Hong Kong subsidiary due to the regulatory restrictions in South Korea.

In its turn, the Hong Kong Securities and Futures Commission had unveiled earlier this week a strategy for regulating cryptocurrency trading, the media reported.

Market analysts describe Bithumb, to still be “one of the largest players in the cryptocurrency industry”, in spite of the $32 million it lost in a hack attack last June.

which lost more than $32 million in a hack attack in June, continues to be one of the largest players in the cryptocurrency industry.

It is worth mentioning in this context that the platform registered $838 million in trading volume over the last 24 hours.

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