South Korean cryptocurrency exchange Bithumb will open a new platform in the United Arab Emirates (UAE), local news outlet The Financial News reported Feb. 12.
The UAE-based platform is reportedly to be developed in partnership with Abu Dhabi-based firm Nvelop and will function as a springboard for Bithumb to expand into other countries in the Middle East.
“The partnership with Nvelop will enable us to build a foothold in the Middle East as a global exchange,” the publication quotes Bithumb as saying:
“This year, we will diversify into a company centered on overseas business.”
The UAE began signalling a desire for cryptocurrency regulation in 2018, opting for a licensing scheme that should produce its first legally sanctioned exchanges in the first half of this year.
Bithumb joins a steadily increasing trend of major crypto exchanges opting to pursue international expansion plans amid challenging market conditions.
Last week, Bithumb debuted its over-the-counter platform for large-volume traders.