South Korean cryptocurrency exchange Bithumb has teamed up with ONEROOT, a blockchain project, to build distributed decentralized exchange.
Under ONEROOT’s “Rocket Plan”, which was launched in early September, both companies formally signed a cooperation agreement for Bithumb to access the R1 protocol, developed by ONEROOT. The decentralized transaction protocol based on Ethereum would help Bithumb to build it’s own decentralized trading platform.
R1 protocol separates order matching and order execution, far more efficient than other decentralized transaction protocols.
With the unique structure of R1 protocol, Bithumb and all future R1-based exchanges would be able to share order data and liquidity. This provides users with better trading depth and experience, and forms a global distributed business system.
“With more and more transaction platforms access R1 protocol in the future, Billions of trading data and excellent liquidity will be brought in, complementing Bithumb’s globalization strategy and truly forming a win-win ecosystem,” the company noted.
ONEROOT, the world’s first blockchain project to propose the concept of traffic sharing, on September 27 won the first Cryptocurrency Financial Services License issued by the Canadian government.
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