Watch Competition Between World Regions Continue To Impact Crypto Innovations

Watch Competition Between World Regions Continue To Impact Crypto Innovations

crypto innovations
Global competition could prove invaluable for underrepresented demographics trying to get a foothold in digital currencies with crypto innovations. Photo: Marco Verch/Flickr/CreativeCommons

Mark Zuckerberg has been firmly making the case that his company’s proposed Libra coin is absolutely vital to ensuring that the U.S. captures a definitive, competitive edge over Asia for dominance in the digital currency space.

There are many indicators that Libra could create new inroads for underrepresented entrepreneurs and crypto innovations.

Bithumb Global, a division of the well-known Korean digital currency exchange Bithumb, recently announced the launch of a global partnership called Mercury Program. The program will connect digital asset communities around the world. The company plans to connect with traders, retail investors and blockchain enthusiasts in what Bithumb calls localized settings such as meetup groups and native language discussion groups. The goal is to enable dialogue and innovation in the industry. Bithumb wants to encourage individual exchanges around the world and help spread insights and adoption of digital assets.

For underrepresented demographics trying to get a foothold in digital currencies, such networking opportunities could prove invaluable for vetting information and individuals, collaborative opportunities, business partnership opportunities and more. Such connections not only provide the possibility of greater education in the space but access to parts of the ecosystem that would help alleviate capital costs without having the deep pockets of a Ripple or other such players in the space.

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Industry insiders say such moves could make way for a variety of different brands in every segment of digital currency and drive a better conversion rate. Bithumb says that local partners have already been recruited in India and Southeast Asia.

Within the digital asset exchange market, so far it has been fairly common for exchanges to cautiously expand into other regions. However, Bithumb Global has specifically decided to do so in a bolder and more rapid manner in order to compete with Chinese and Western rivals.  This could be either the company’s downfall or a competitive advantage over time.

The company claims that since the beta launch of its new division just a few months ago, it has already on-boarded more than 1 million users worldwide and has had daily trading volume exceeding $381 million.

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“In less than half a year of trading, we believe that we have been able to offer a trading experience that matches that of the existing players in the Western market, while maintaining the flexibility of a startup with constant iterations and optimizations to the platform” said Javier Sim, co-founder and managing director of Bithumb Global, in a statement.

Such moves by Bithumb could be in anticipation of spreading the company’s tentacles into the West. Key media outlets reported at the top of 2019 that Bithumb could soon be one of the first publicly traded companies of its kind by acquiring a U.S. company that was publicly traded and then create a reverse merger. However, such talk has been inactive.

Undeniably, Bithumb has very publicly had its share of woes from aggressive hackers to massive losses. But Bithumb doesn’t seem daunted.

As the digital currency shift further unfolds, watch competition between world regions continue to impact innovation and change.