Bithumb Changes its Corporate Name to 'Bithumb Korea'

SEOUL, South Korea, Nov. 11, 2019 /PRNewswire/ -- (CEO: Jae Won Choi), the operating company of Bithumb, the biggest cryptocurrency exchange in Korea, announced that it will change its corporate name to 'Bithumb Korea.'

With Bithumb pushing for an expansion of its cryptocurrency business to the global market, it decided to remove 'BTC' from its original corporate name and instead use 'Bithumb,' as the given brand has fostered a high brand awareness both locally and globally.

Founded in 2014, Bithumb Korea recorded the largest number of bitcoin transactions in Korea, and in 2017 emerged as the number one cryptocurrency exchange in the world in terms of total transaction volume. Thereafter, it opened the biggest customer service center in the industry and showcased a cryptocurrency transaction system for the first time in the market.

In addition, starting last year, Bithumb has expanded its investment in blockchain companies by developing security token platform, etc., and thereby have also been contributing to the growth of related industries. Recently, it has also been leading the way in securing market transparency and integrity by establishing an Anti-Money Laundering (AML) center and others.

Bithumb prepares a reform from a cryptocurrency exchange to a blockchain based global digital general finance company, with the change of its corporate name as an opportunity. In order to do so, Bithumb is pushing for new businesses such as a custody service specializing in consignment and storage of digital assets, a platform business that publishes and distributes security tokens, and an integrated exchange that matches and settles cryptocurrency transaction orders between exchanges.

Bithumb Korea, with 4.6 million members in Korea, plans to concentrate more in the local market but on the other hand it also plans to provide various services through global associates. Furthermore, it aims to contribute to institutionalizing the blockchain industry and form a healthy market by responding to regulations for issues such as AML and others preemptively as a leading firm in the industry.

According to a Bithumb representative, "Bithumb Korea will strengthen the competitiveness of cryptocurrency exchanges continuously, play a pivotal role in development of related fields through business diversification, and grow as a firm that is able to contribute to its customers and the society."

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