SEOUL, South Korea, Nov. 13, 2018 /PRNewswire/ -- BK Global Consortium was established with the grand vision to build the Blockchain Exchange Alliance ("BXA"), a revolutionary digital FinTech company that will bridge traditional financial infrastructure and the nascent crypto asset markets. It is led by the man who initiated the K-Wave in the medical sector, Dr. Kim Byung-gun -- a plastic surgeon, successful entrepreneur, also an astute visionary in Korea who made series of multi-fold investments in fast-growing industries. Dr. Kim foresees enormous potential for future growth by leveraging on blockchain technology to disrupt the financial industry.
BK Global Consortium has set its home in Singapore, a global financial hub. Top experts in technology, finance, legal and other various backgrounds have joined the consortium and are working closely to realize its mission of creating a more inclusive, efficient and robust financial system which is the lifeblood of the global economy.
The strategy to accelerate adoption of the new financial infrastructure is unique. The recent acquisition of Bithumb, the largest cryptocurrency exchange in Korea with more than 4.3 million registered users, will be leveraged upon by BXA to expand globally. These users within the Bithumb ecosystem are already familiar with how new technologies powering crypto assets function and are most ready to embrace the new financial system.
The foundational layer of the new digital financial infrastructure and growth of BXA comes from building an alliance of cryptocurrency exchanges, offering multiple fiat currencies on the platform and most importantly, offering unparalleled liquidity for traders on BXA. Affiliated and acquired exchanges within the alliance will share their order books, connecting traders from different exchanges into a cohesive, highly liquid market.
The global expansion of BXA has already been set in motion. BXA is planning to open 8 localized cryptocurrency exchange platforms around the world, namely US, UK, Australia, Thailand, Singapore, Mexico, Peru and Hong Kong. The distributed centralised exchange ("DCEX") model enables localised fiat crypto asset trading while connecting the different localised exchanges into a single platform.
Through the DCEX model, users are able to use a single account to interact with Bithumb and all other affiliated exchanges. There are plans to expand to even more countries if the local regulatory environment is accommodating to new fintech developments.
More recently, Bithumb signed a deal with an American fintech firm, to open a securities token exchange in the US. BXA expects that trading of security tokens would be a tremendous growth opportunity as the crypto asset market develops.
BXA will also extend additional financial services such as OTC trading, Futures, Options, Derivatives, and Margin Trading for the crypto asset markets. Many of these initiatives, such as the OTC trading desks are expected to attract more institutional buyers given the pent-up demand for such services, which traditional financial institutions have yet to fill the gaps.
To provide better accessibility and adoption of BXA, a distributed decentralized exchange (DDEX) will be built. The DDEX uses the R1 protocol, a highly efficient token swap protocol, allowing users to share order data and liquidity from all alliance exchanges. For real-world usage of crypto assets, BXA will also support day-to-day payment transactions with physical infrastructure for crypto assets to be used. Such infrastructure will be made available globally, and include familiar technology such as payment kiosks, debit cards, and mobile wallets. A key focus of BXA is on the end-user, with emphasis placed on the UI/UX of using BXA infrastructure.
With the strong foundational infrastructure created, it enables the creation of an inclusive and efficient payment network which can enable anyone with a mobile device to integrate into the financial system. Blockchain technology enables tremendous cost-savings to financial payment network and BXA will be able to offer significantly lower fees (less than 1%) than existing intermediaries such as PayPal, Visa, and Mastercard, which currently charges 2~3% of the transacted value.
To bridge the gaps between crypto assets and existing financial payment infrastructure,
BXA is currently discussing partnerships with various industries such as e-commerce and gaming in order to facilitate the rapid adoption of BXA payment network. This positions BXA in a strong position to capture significant market share and gain traction in the global payment industry, which was estimated by Mckinsey to be $2.2 trillion in revenue.
The payment network and exchange platform have deep synergies which would accelerate BXA's growth. With the deep liquidity of BXA trading platform, spreads for crypto assets can be made tighter, passing on greater cost savings to consumers using the BXA payment network. In turn, BXA payment network becomes even more attractive for consumers' use, increasing payment transaction volume. This creates a self-reinforcing cycle of growth since payment conversion is conducted on the exchange platform.
"The financial sector can be revolutionized by leveraging on Blockchain technology, empowering financial inclusiveness and growth. There are many experts and talents in BXA who can accelerate these businesses to make happen," said a representative of BK Global Consortium.
SOURCE BK Global Consortium