In order to successfully compete with the other two South Korean crypto exchanges Upbit and Korbit, the Bithumb platform will provide users with the ability to issue and trade NFTs.
“We believe blockchain is the future and the NFT market will play an important role in promoting content based on it,” said Bithumb CEO Heo Baek-young.
However, it is not yet known which artists and other content creators will release their work on the site. The launch of the platform is scheduled for 2022.
Bithumb ranks second in terms of trading volume in South Korea – about $730 million per day. However, the site’s main competitor, the Upbit exchange, boasts a trading volume of $1.7 billion. Upbit was launched in November 2021 and managed to convince several K-pop artists to work with them and release exclusive content, which caused an unprecedented boom.
In fourth place is the Korbit exchange, owned by gaming industry giant Nexon. Korbit was the first to launch an NFT issuance and trading platform in South Korea. Previously, there were rumors that Nexon was going to buy Bithumb for $460 million, but they were denied.
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