Bithumb Bitcoin Exchange began its expansion in the Middle East region

The South Korean cryptocurrency exchange Bithumb signed a memorandum of understanding with the Nvelop company from the United Arab Emirates (UAE) to launch a licensed trading platform for digital assets supporting Fiat, CoinDesk reports.

As the newspaper notes, the new partnership should help Bithumb in the future to reach the markets of Saudi Arabia and Bahrain.

Note that Nvelop was founded by the investment fund E11 and the venture capital firm Trill Ventures Group for business development in the blockchain industry.

Earlier, Bithumb launched the global Ortus OTC platform headquartered in Hong Kong. It is assumed that institutional clients will have access to custodial solution with insurance of funds.

At the same time, the South Korean giant intends to enter the US stock market through a reverse takeover of Blockchain Industries. It is expected that the transaction will be closed until March 1.

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