Bithunb, the South Korea based exchange company has recently announced that they will be working in a collaboration with Nvelop which is an Abu-Dhabi based firm in order to start their plan of making a foray into and thus expanding into the Middle East and North African (MENA) regions.
Nvelop is a joint venture of Abu Dhabi-based E11 Investment Fund and venture capital outfit Trill Ventures Group, from Taiwan.
Moreover, as per the report in Financial News, Bithumb is trying to introduce a fiat-to-crypto exchange in United Arab Emirates (UAE) as part of its mission for expansion around the world. In an interview with the Financial Times, a Bithumb spokesperson
“The partnership with Envelope will enable us to build a foothold in the Middle East as a global exchange. This year, we will diversify into a business centred on overseas business.”
After a successful setup in UAE, the company also has plans to expand its business further and take it into the neighboring countries of Saudi Arabia and Bahrain.
It has been reported that UAE has begun figuring out their cryptocurrency regulatory framework in which one of the information is its required license for all crypto-related businesses.
The country’s Financial Services Regulatory Authority (FSRA), reported that UAE will start their implementation of licensing crypto businesses at the first half of the year and already signaled future investors and businessmen to follow the procedures needed for their authorization.
Bithumb has huge hopes for being successful in their endeavour to expand into Middle East from Asia. As of right now, Bithumb is sweeping across the globe to match its current earnings of 113 trillion a month. The company also targets to handle the western side of the globe and aims to achieve a public listing in the United States of America. What can be said about Bithumb is that with the consolidation of these establishments worldwide, Bithumb is well on its way to becoming a global force