Major South Korean Crypto Exchange Bithumb Launches R&D Center

Published at: Jan. 7, 2020

South Korean cryptocurrency exchange Bithumb has established its own research and development (R&D) center.

According to an announcement on Jan. 6, the initiative makes Bithumb the first company with a blockchain and cryptocurrency research center in South Korea. Bithumb expressed high hopes for the research center’s impact on the company:

“Bithumb will become a leading company in the blockchain and cryptocurrency ecosystem by strengthening its own R&D capabilities.”

The center’s purpose

The new R&D center is going to employ around 30 people and will start its activities this month. Bithumb’s research team will study system architecture design to strengthen public blockchain transaction analysis and cryptocurrency private key security.

The architecture research team will focus on high-performance transaction matching systems that can respond to large simultaneous orders. Bithumb also plans to analyze blockchains to isolate cryptocurrency trading transactions and develop a system for user address generation that allows for deposits and withdrawals on its exchange.

The exchange plans to develop security enhancement technologies related to encryption, separation of functions and implementation of verification systems that allow for the safe storage and use of private keys. Bithumb’s research team will also work on high-availability and high-performance data exchange between blockchains and databases.

Additionally, the staff has been tasked with building an application programming interface for its cryptocurrency trading platform and upgrading its matching engine.

Increasing blockchain research spending

As blockchain and cryptocurrency increasingly show potential beyond the initial hype, more and more funds are being poured into relevant research.

As Cointelegraph reported at the end of December, Tencent, the operator of Chinese social media app WeChat, is planning to create a digital currency research group for the further advancement of blockchain technology research projects.

Furthermore, Chinese state-run publication Xinhua forecasted that the nation’s spending on blockchain technology will exceed $2 billion in 2023. A report published in September 2019 by market research firm Global Market Insights suggests that the global blockchain technology market is set to surpass $16 billion by 2024.

Tags
Blockchain
Cryptocurrency Exchange
Cryptocurrencies
Research
South Korea
Api
Bithumb
Related Posts
Why this platform could be a game-changer as crypto booms in South Korea
The crypto markets in South Korea have long stood out from the rest of the world, and a lot of this has to do with the “Kimchi premium,” which often causes Bitcoin (BTC) to trade on local exchanges at much higher prices than what’s seen elsewhere. Now, one cutting-edge platform is aiming to capitalize on the fervent interest for digital assets in the country, with an ambitious expansion of its services that sit at the crossroads between cryptocurrencies and gaming. GamerHash says it has already amassed more than 570,000 users in three years and is now planning to make inroads …
Blockchain / April 16, 2021
Bithumb Exchange to Launch Cryptocurrency Listing Committee
South Korean crypto exchange Bithumb will launch a new committee in September that will determine which cryptocurrencies can be traded on its platform. A monthly check by experts South Korean news daily Yonhap News reported the formation of Bithumb’s new committee on Aug. 22. The committee, entitled the Listing Eligibility Deliberation Committee, will review the exchange’s listings once a month, per the report. The committee will reportedly take into consideration daily trading volume, change in base market capitalization and project support among other factors. Cryptocurrencies that fail to meet the committee’s standards will have two months to improve their status …
Blockchain / Aug. 23, 2019
Bithumb Hong Kong subsidiaries reportedly face civil suit from Thai partner
Bithumb’s Hong Kong affiliates are reportedly facing a civil suit for breach of contract. According to a Tuesday report by the Korea Times, the suit is being initiated by a former Bithumb partner in Thailand, which is accusing the South Korean-headquartered exchange of unilaterally halting its business in Thailand and causing major losses. The Thai firm — which remains unnamed — is reportedly preparing to file a lawsuit against Bithumb’s Hong Kong subsidiaries, including Bithumb Global Holdings and GBEX, as well as top company executives in July. According to the plaintiff firm, Bithumb’s Hong Kong-based entities were allegedly involved in …
Bitcoin / July 6, 2021
Russia: Bitcoin Activity Rising Despite Strict Law Proposals
A branch of the Russian federal government has recently published a draft of new litigation called “On Digital Financial Assets,” which is focused on enforcing strict cryptocurrency laws in the country. The legislation has not been approved yet and has been in discussion since 2018. The new laws define Bitcoin as property but not legal tender, and propose, among many other things, that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin is planning on developing and revealing a new tax for Bitcoin miners by July 1, but many are skeptical about the government’s …
Blockchain / July 1, 2020
South Korea Legitimizes Blockchain Industry With Major New Classification Standards
The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet The BChain reports Thursday, July 5. Three Korean ministries - the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication - are said to have been working since the end of last month to produce the final draft of a new blockchain industry classificatory scheme by the end of July. The scheme will reportedly serve as a basis for policy making, notably aimed towards “blockchain promotion and regulatory frameworks,” and covers areas including …
Adoption / July 5, 2018