One of the leading crypto exchanges in South Korea, Bithumb, announced a partnership with the popular Chinese crypto exchange BitMax. The exchange revealed that they plan to expand globally and roll out new crypto services for their customers. This partnership would help catapult the Korean crypto exchange into the top echelon of the global crypto market, according to the local exchange.
Exchanges will also develop blockchain and crypto tech infrastructure.
According to The Korea Herald report, Bithumb and Bitmax agreed to develop blockchain and cryptocurrency technologies and infrastructure jointly. Bitmax is among the top 15 global exchanges in the world in terms of liquidity. The exchange has attracted several Wall Street financial engineers who used to work for global financial firms such as Barclays and Deutsche bank.
Bithumb was slapped with $70 million by the National Tax Service.
In December last year, South Korean crypto exchange Bithumb was slapped with a $70 million by the National Tax Service for withholding taxes from payouts to foreign customers. A Bithumb official said that they would be able to get business ideas and know-how from Wall Street experts through the latest strategic partnership. The exchange further revealed that it would also help to strengthen its research and development capabilities and nurture the local blockchain market.