South Korean cryptocurrency exchange, Bithumb enters into a strategic partnership with BitMax, a Singapore based exchange founded in 2018. According to the official announcement, the partnership aims to boost the development of blockchain and crypto solution across the industry with a key focus on liquidity on exchanges.

https://t.co/ZgbxdXzvT8 and Bithumb Korea are pleased to announce a strategic global partnership to enhance product platform and accelerate global expansion across digital asset trading ecosystem. https://t.co/OwtgXt4v1b pic.twitter.com/lfgPiN1N9a

— BitMax Official (@BitMax_Official) February 17, 2020

In what has become recurrent news in the crypto field, yet another partnership was announced between two of the largest global crypto exchanges on Monday, Feb. 17. Bithumb blog published the official report of the “strategic partnership” as BitMax and Bithumb signed a development-based memorandum of understanding (MoU) earlier in the week.

The two global exchange companies will collaborate to enhance the development of new services in the blockchain field and boost their market outreach globally. The post further added,

“Based on the core competencies of each company, they will actively cooperate in the development of technology and infrastructure related to blockchain and cryptocurrency.”

While Bithumb has been in the field since 2014, BitMax is a more recent exchange offering users deep liquidity in trades with a stable management backroom made up of former Wall-Street guys.

BitMax was founded in 2018, as alluded to before, by former executives in Wall Street from various top firms in finance and banking including Barclays, Deutsche Bank and Winkelvoss backed exchange, Gemini. The vast network of smart brains and financial engineering from the experts has seen the company grow to greater heights ranking in the top 10 largest exchanges in liquidity and services derivatives to bet on crypto’s volatility. Speaking on the MoU between the two companies, a Bithumb representative said,

“By strategic partnership with global cryptocurrency exchange BitMax, we have the opportunity to share business ideas and know-how of Wall Street financial experts.”

Over the past year Bithumb has grabbed the headlines with a hack on users’ funds. Furthermore, the South Korean government has been on the exchange’s neck for a tax bill that could raise up to $69 million USD. Despite the challenges, the crypto exchange has continued to work towards the developing the blockchain field launching a new research and development center on blockchain in South Korea in early January.

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