Obtaining Strategic Investment from BXA — the Majority Shareholder of Bithumb, ONEROOT Might Become a Unicorn in Blockchain Industry
On December 17, BXA (Blockchain Exchange Alliance) successfully held the first press conference in Shanghai, which was also the release conference of ONEROOT 2.0 brand upgrade. BXA board members Dr. Byung Gun Kim, Tony Sun (Sun Yingjun), Noah Hwang, Javier Sim and Kangho Kim attended the conference and introduced the main businesses of BXA, including exchanges, technology research and development, asset issuance, investment and compliance, as well as the idea of building a new digital financial ecosystem. Later, the board announced the strategic investment in ONEROOT, a blockchain technology service provider. Gathering hundreds of well-known investment institutions and professional media, this conference is not only the first press conference of BXA, but also a new starting point for ONEROOT.
It is reported that BXA became the major institutional shareholder of ONEROOT with the consideration of stock and cash. Meantime, ONEROOT obtained the shares of BXA, forming a strong strategic partnership. At the same time, Sun Yingjun, Chairman of the ONEROOT Foundation, will join Dr. Byung Gun Kim, the controlling shareholder of Bithumb, as the global co-CEO of BXA to lead the global launch and development of BXA’s businesses.
As the controlling shareholder of Bithumb, the largest cryptocurrency exchange in South Korea, BXA is valued at billions of dollars. And this time, the investment from BXA makes the valuation of ONEROOT soar to hundreds of millions of dollars, which has crossed the threshold of unicorn-to-be camp. These days, the blockchain enterprises are unable to find appropriate business models and the global capital are facing serious crisis. Under this environment, ONEROOT earned recognition from industry’s top capitals.
Established in April, 2017, ONEROOT is a technology-oriented team with strong development capabilities and deep professional background. The core members are from Alibaba, Ant Financial, IBM and other well-known companies. From ONEROOT’s vision, the unique nature of blockchain has the potential to not only optimize the existing markets, but also restructure and create new markets. However, compared with other mature technologies, blockchain is still in early stages, and the related infrastructure is inadequate and incomplete, creating high technical thresholds for both development and application.
To this end, ONEROOT is committed to building industry infrastructure with a high degree of dedication to the research and development of underlying technology. By breaking the application threshold of blockchain technology, ONEROOT facilitates more external resources to enter the industry. Over the past year, the company has successively developed a full range of products, including distributed centralized exchanges DCEX, distributed decentralized exchanges DDEX, high-performance public chain RNC, decentralized transaction protocol R1 and user terminal Touch Wallet, which gain ONEROOT recognition from top partners in the industry. In 2018, R1 protocol has been implemented to Bithumb DEX in South Korea, which is the first time that decentralized exchange serves millions of users.
Guided by the concept of shared achievements and mutual benefits, the trading solution of ONEROOT allows the operators holding user traffic to share transaction data and liquidity, forming a global liquidity pool. This allows BXA to gain rapid expansion around the world. With full intention to comply with relevant rules and regulations of different jurisdictions, BXA has obtained or is in the process of obtaining fiat currency gateways and compliance licenses from over ten countries and regions. In addition, to provide global financial services, BXA has established 12 local entities worldwide (USA, Japan, UK, Canada, Australia, New Zealand, Singapore, South Korea, Hongkong, Thailand, Mexico and Peru). With the full set of technical solutions of ONEROOT, BXA members from different countries and regions can share transaction data in security, continue to be compliant with local regulations, and complete clearing and settlement quickly. As a result, BXA will have the largest order volume and deepest liquidity among all exchanges globally, which makes it become a financial entity with global influence.
Beside technical complementarity, the deeper reason for the cooperation lies in the shared industry understanding and philosophy. Tony Sun (Sun Yingjun), chairman of the ONEROOT Foundation, said, “Blockchain is still in its infancy, and the lack of infrastructure has impeded the development of digital economy. Since its inception, ONEROOT has been focusing on infrastructure construction and the promotion of blockchain technology application. It is the shared philosophy that helps the establishment of cooperation between BXA and ONEROOT.”
Starting with the strategic cooperation, ONEROOT will work together with BXA to break through the high technical threshold and create fiat- to -crypto trading platforms with deep liquidity. The two sides place huge emphasis on regulatory compliance and plan to leverage their global network of cryptocurrency exchanges as a pivot. Based on the existing infrastructure, such as fiat-to-crypto currency gateways, financial licenses and massive userbase, they will establish a smart economy with efficient value transfer, providing global users with complete digital financial services.
- About ONEROOT Project-
Upholding the concept of consensus, co-build, sharing and win-win, ONEROOT has built a distributed business engine, established a new type of collaborative relationship of cooperation and common development. Through a series of crypto asset infrastructure construction, ONEROOT helps resources (software, hardware, manpower, etc.) circulate inside and outside the industry quickly, improves the utilization efficiency and promotes the development of the entire industry. At this stage, as a blockchain technology service provider, the main goal of ONEROOT is to create a secure, transparent, open and friendly distributed cryptocurrency trading system, and return the right of trading to the community.
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