Bithumb Opens an R&D Center

Bithumb, the leading South Korean cryptocurrency exchange, will launch its own research center at the end of January. Its employees are expected to scrutinize blockchain and digital currencies.

Bithumb made the announcement in its blog. 

According to it, the company will allocate 30 experts to work on high-performance solutions. They will analyze public blockchain transactions and ensure private key protection.

Also, they will improve the system for generating addresses that allows you to deposit and withdraw funds from the exchange. As well as exchange data between various blockchains.

One of the research center’s first tasks will be the creation and implementation of an application programming interface.

The company advises, “Bithumb is the only firm (in Korea) with a research center devoted to blockchain and cryptocurrency studies. The center will help the firm become a blockchain-based comprehensive financial platform whose service will encompass big data, security, and online trading systems.”

About Bithumb

Bithumb is South Korea’s most popular exchange and one of the largest trading exchanges in the world. According to the Korea Herald, it accounts for 75.7% of Bitcoin’s trading volume in South Korea and at least 50% of Ethereum’s trading volume.

Bithumb belongs to BTC Co. Ltd which is based in Seoul. However, the profile of BTC Co. Ltd does not specify its executives, board members, or other company information (on the Bloomberg website, for example).

To remind, last year, the exchange was hacked. As a result, the hacker accessed the personal data of 31,800 users of the exchange, including their names, mobile phone numbers and email addresses. The hack affected about 3% of its users.

Later on, it turned out, the hacker didn’t gain direct access to accounts. However, s/he received one-time passwords, which was enough to empty user accounts. One user said he lost 1.2 billion Won (circa $1 million).

In November 2019, Altcoin Buzz reported that Bithumb Global launched its native token Bithumb Coin (BT).


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