Bithumb Launches a Decentralized Exchange Built on Ethereum (ETH)

Ahn Young-Joon / AP

South Korean-based cryptocurrency exchange Bithumb has launched its own decentralized exchange (DEX) built on the Ethereum (ETH) blockchain.

Bithumb’s¬†DEX, which is managed by Hong Kong-based BGEX Ltd., officially went live October 15¬†with¬†DENT, INS, POA20, RNT, and WTC trading pairs with ETH. According to the announcement, Bithumb is offering free transactions for a month, in addition to¬†$100,000 (500 ETH) in rewards that will be distributed via airdrop.

The launch of the Bithumb DEX follows the trend of major cryptocurrency exchanges building their own decentralized exchanges.

Bitfinex, one of the world’s most popular cryptocurrency exchanges, has officially launched the betas of EOSfinex, a new DEX built on the EOS (EOS) blockchain, and Ethfinex Trustless, an Ethereum-based DEX.

Binance, the world’s most popular cryptocurrency exchange, also may be ready to release a public beta for its upcoming DEX built on the Binance Chain, the company’s own blockchain, by the end of the year.

This news comes a week after Bithumb sold a 38% ownership stake to a blockchain consortium based in Singapore for 400 billion won ($350 million). This transaction valued Bithumb at $880 million, despite the exchange suffering a hacking event in June that resulted in about $30 million worth of cryptocurrencies stolen from the platform.

More: Bithumb DEX Grand Open Event

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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