Bithumb joins forces with OneRoot to offer decentralized trading
OneRoot has announced Bithumb as its global partner today in a Medium post. OneRoot said the partnership comes under its Rocket Plan project, which has built a host of products such as the Distributed Decentralized Exchange (DDEX), R1 protocol, Rootrex, public chain etc. The OneRoot project aims at building industry infrastructure and business systems based on blockchain.
Bithumb, a South Korea-based crypto exchange, plans to become the world’s first large-scale centralized exchange that will provide decentralized trading services. Bithumb and OneRoot formally signed a cooperation agreement to access OneRoot’s R1 protocol to build a decentralized trading platform.
R1 protocol is a decentralized transaction protocol based on Ethereum. Records of transactions through R1 protocol that are stored on the blockchain can be searched and audited by anyone. The R1 protocol enables the separation of order matching and order execution, thereby improving trading efficiency.
The protocol boasts of its stronger security, higher matching efficiency and better user experience. It also has a system in place which facilitates all exchanges, accessing the protocol, to share order data and liquidity. “With R1 protocol […..], ONEROOT supports traffic holders to quickly build their own decentralized exchanges and truly grasp transaction freedom,” the Medium post stated.
According to local news agency Yonhap, Bithumb collected a total of $270 million in revenue in the first half of this year and earned $194 million in operating profits in the same period. It has been a rough year for the exchange, which saw a hefty amount of $28 million being imposed on them for tax evasion, although no wrongdoing was found later on. As a result, the daily trading volume on Bithumb, once the world’s largest cryptocurrency exchange by volume, witnessed a considerable decline this year.
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