The cryptocurrency and blockchain service provider, BTCKorea.com popularly known as Bithumb is looking to replace its corporate name to “Bithumb Korea,” according to a press release published by the firm on November 11.
BTCKorea, which operates the most prominent digital currency exchange in Korea, Bithumb, plans to replace ‘BTC’ with ‘Bithumb,’ adding that the new brand has already created a high brand awareness globally.
“Bithumb Korea will strengthen the competitiveness of cryptocurrency exchanges continuously, play a pivotal role in the development of related fields through business diversification, and grow as a firm that is able to contribute to its customers and the society,” a Bithumb representative said.
With about 4.6 million users in Korea, Bithumb Korea aims to provide various services through global associates; however, it will focus more on the local market, according to the press release. It will always contribute to institutionalizing the blockchain industry and to the formation of a healthy market by complying with regulations such as Anti-Money Laundering (AML) and others.
Aside from the new corporate name, Bithumb is also preparing to reform from being a digital currency exchange to a general blockchain-based global digital finance company. As noted, it is already pushing for an expansion of its digital currency business.
The company plans to offer custody service specializing in consignment and storage of digital assets, an integrated exchange that matches and settles crypto transaction orders between exchanges, and a platform that will publish and distributes security tokens.
Last year, Bithumb began expanding its investment in blockchain firms by establishing security token platform, while contributing to the growth of related industries.
Earlier this year, the South Korean cryptocurrency exchange also launched a global over-the-counter (OTC) trading desk dubbed “Ortus,” which will execute block deals, and also allow institutional clients to transact efficiently with one another.