South Korean cryptocurrency exchange Bithumb can open a new platform within the United Arab Emirates (UAE), local news outlet the monetary News reported February. 12.

The UAE-based platform is reportedly to be developed in partnership with Abu Dhabi-based firm Nvelop and can operate as a springboard for Bithumb to expand into different countries within the Middle East.

Nvelop itself is a joint project from Abu Dhabi-based E11 Investment Fund and Taiwanese capital outfit Trill Ventures group, financial News reports. The venture was reportedly established to fund and develop blockchain initiatives within the Middle East and North Africa.

“The partnership with Nvelop can enable us to create a foothold within the Middle East as a worldwide exchange,” the publication quotes Bithumb as saying:

“This year, we'll diversify into an organization focused on overseas business.”

The UAE began signalling a desire for cryptocurrency regulation in 2018, opting for a licensing scheme that ought to produce its 1st legally sanctioned exchanges within the first half of this year.

Bithumb joins a steady increasing trend of major crypto exchanges opting to pursue international growth plans amid challenging market conditions.

Last week, Bithumb debuted its over-the-counter platform for large-volume traders.

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