Bibox, a Chinese digital asset exchange, has acquired 100 percent of shares in Dex.top, a decentralized ERC20 exchange that also operates from Beijing. Officials refused to discuss the price of the deal, saying it was “private.” Bibox, which handles $236 million of trading volume daily, said Dex.top will help expand its product offering.
Also read: U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam
‘Trying Something New’
The Beijing-based Bibox exchange runs 10 operation centers in countries such as the U.S., Canada, Singapore and South Korea, allowing users to trade BTC, BCH, ETH and other cryptocurrencies. The latest acquisition is Bibox’s second in five months. In May, the Chinese exchange bought Chain Capital, a Swiss company which owns a special license to conduct digital currency business in Europe.
“This acquisition [Dex.top] signifies that Bibox is now trying something new in the field of digital assets,” Bihui Lin, spokeswoman for Bibox, told news.Bitcoin. She said the deal will “not only improve Bibox’s ecosystem establishment in blockchain but also provide users with more trading options.”
According to data from Etherscan, Dex.top is the world’s second largest decentralized exchange by trading volume, accounting for 21.3 percent of the global total. IDEX is the largest, with 46.4 percent of all volume. Launched in May, Dex.top promises cross-chain trading, “a mechanism that leverages synchronized off-chain and on-chain ledgers to enable instant trading while ensuring the security of traders’ assets.”
‘Meeting of Minds’
Dex.top said it had “discovered a meeting of the minds in Bibox.” In a statement on Dec. 17, the company stated:
Both projects share a common vision of developing an outstanding trading experience with robust trading features while ensuring transparency and the security of users’ assets and data.
It added that “this acquisition will create synergistic relationships that will help both projects go further.”
Bibox has developed into one of the most popular exchanges in the world just a year after it was founded by Jeffrey Lei, the co-founder of Okcoin. With over one million users, the company is planning to open fiat-to-crypto exchanges in Seoul, South Korea, and Europe, supporting trading pairs such as the Swiss franc, English pound and euro among others.
Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies.
What do you think about Bibox’s latest acquisition? Let us know in the comments section below.
Images courtesy of Shutterstock, Bibox and Dex.top.
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