Bithumb Korea Joins MyID Alliance

Bithumb Korea today announced that they jonied ICON’s MyID Alliance, a blockchain-based digital ID consortium of projects and companies that focuses on developing DID services. They will join several branches of Samsung, several Korean banks, and ICONLOOP, among others, on the MyID Alliance.

Bithumb Korea will act as a growth partner that will utilize MyID for ID authentication. Bithumb Korea has joined in what appears to be a trial phase that will lead to greater use of MyID services on Bithumb’s virtual assets exchange. They would likely apply MyID to transactions services to simplify the identification process for members on their trading platform and strengthen personal information security there.

The DID service would not replace the ISMS certificate that will be required of all cryptocurrency exchanges in Korea by September 2021. that ISMS certificate is meant to ensure that all trading platforms can adequately protect the personal information of their users. The DID service for login and verification would be only on top

Recently Bithumb and other exchanges in Korea officially stopped using the word ‘cryptocurrency’ in Korean to describe the assets one can trade there as it is against the law to call anything a currency that hasn’t been deemed as such by the government. Now they, along with several others will refer to cryptocurrency as virtual assets, while Upbit will refer to them as digital assets.

Digital Identification tech has become a hot trend among blockchain and fintech-related developers in Korea. As the proliferation of smartphone usage increases across the world, it has reached a saturation level of over 80% as of the beginning of this year, with the total expected to grow through the next 5 years. Those smartphones give users access to a wide range of apps that require access to confidential personal information.

Bithumb Korea is now jumping on the wave of DID development with other companies such as Kakao, which runs Klaytn, Samsung, and all the major telecoms companies in the country. Their application of DID ranges from drivers license verification to cross-suite ID verification for efficient logins across different apps on a single platform in the case of Kakao. Kakao’s DID application could potentially be used to make transactions on Klaytn.

A representative from Bithumb Korea noted, “We will futher enhance the security and convenience of virtual asset trading services such as identity verification using DID.”

We may expect to see the DID service be applied to Bithumb’s exchange sooner rather than later in order to attract more users to their platform.

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