Aiming to create an SEC and FINRA-compliant U.S. exchange, blockchain-based crowdfunding firm seriesOne and crypto exchange Bithumb have formed a joint venture. According to an announcement made on November 1, 2018, officials behind the venture look to trade security tokens within a “compliant marketplace” and within the context of “other applicable regulatory approvals.”
For South Korea-based Bithumb, the venture provides the exchange with new expertise around U.S. regulation. seriesOne, a company created by finance industry veterans in the tech, investment banking, venture capital and compliance sectors, operates a U.S. platform for initial security token offerings compliant with SEC exemptions like Reg CF and Regulation D.
For seriesOne, the new alliance allows it to build its presence in the Asian region through a Bithumb investment designed to “scale technical development and marketing.”
Kaine Kim, former deputy director of Korea’s Financial Services Commission, joined seriesOne earlier this year. Kim, responsible for incorporating seriesOne South Korea, functions as the company’s managing director in the country and as head of Asian operation.
“Together the companies believe they are well positioned to execute on a global token exchange that operates in compliance under U.S. securities laws,” according to the joint statement.