The world’s sixth largest daily trading South Korean crypto exchange Bithumb is getting ready to launch its decentralized crypto exchange (DEX) globally in the upcoming months, according to Business Korea on Thursday. Besides, the world’s largest cryptocurrency exchange Binance has already announced their launch of decentralized exchange by 2019.
The DEX is currently being developed with the assistance of One Root Network (RNT), which already has deployed a decentralized exchange in early 2018. Bithumb having the plan to target the global audience by introducing Decentralized Exchange. Also, it helps them to avoid South Korean regulatory impediments.
Decentralized platforms enable users to trade peer-to-peer via an automated system; as they do not store clients’ crypto, they are less vulnerable to thefts that target a centralized point of attack. They can, however, as Business Korea notes, offer relatively slower trading speeds than their centralized counterparts.
Investing through a DEX is even more complex than investing through a crypto exchange because users have no service providers to rely on when potential issues emerge. But, for Bithumb users, the launch of Bithumb DEX could be positive given the company’s poor track record with security breaches and hacking attacks.
According to data from CoinMarketCap, Bithumb touches $336,761,580 in daily trades. As mentioned above, Bithumb is one of the leading global exchanges in terms of transactions but also, the most of its users are Korean.