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Bithumb Faces Strategic Pressure Amid Dunamu’s Blockchain Expansion
As Dunamu introduces its proprietary blockchain mainnet, ‘GIWA,’ signaling a decisive shift towards blockchain independence, the spotlight in the cryptocurrency industry is now firmly on Bithumb. The global trend among crypto exchanges—that of transforming into comprehensive financial ecosystems with dedicated mainnets, stablecoins, and payment infrastructures—raises questions about whether Bithumb can keep pace in an increasingly competitive landscape.
Industry experts argue that remaining solely a trading platform might see Bithumb losing ground to competitors that are charting broader strategic pathways. This mounting pressure presents both challenges and opportunities for the exchange as it maneuvers to reinforce its position in the rapidly evolving crypto ecosystem.
KBW 2025: Anticipation for Bithumb’s Strategic Moves
On the 23rd, industry insiders revealed that Bithumb’s CEO, Lee Jae-won, is slated to speak at KBW 2025, an event co-hosted by the exchange this year. Notably, Bithumb had been the title sponsor of the event in 2024, making its involvement an indicator of its growing ambitions. Analysts speculate that the event could serve as a platform for Bithumb to share its strategic roadmap, mirroring Dunamu’s unveiling of GIWA at its UDC (Upbit Developer Conference).
A representative from the stablecoin sector remarked, “With Dunamu launching its independent blockchain mainnet, Bithumb may reveal plans for a KRW-backed stablecoin or even its own proprietary blockchain capabilities.” This speculation aligns with ongoing reports that Bithumb is considering partnerships with domestic firms, including fintech company Toss, as part of its strategic deliberations. However, the company has clarified that no formal announcements are planned at this time.
Strategic Direction: KRW Stablecoin and Blockchain Integration
Although Bithumb has yet to officially unveil its next major initiative, internal discussions regarding its potential strategies are gradually surfacing. At a stablecoin seminar earlier this month, Kim Tae-yoon, Executive Director at Bithumb, elaborated on the critical considerations underlying the launch of a KRW-backed stablecoin. According to Kim, the utility of such a stablecoin would be severely constrained if it fails to secure listings on international exchanges.
Kim identified five key focus areas for advancing the KRW stablecoin agenda:
- Enabling foreign investors to access the Korean Won market
- Building interconnected payment networks between domestic and global exchanges
- Encouraging adoption of KRW-backed coin payment services
- Seeking international exchange listings
- Collaborating closely with regulatory authorities
Kim’s remarks underscore the technical and regulatory complexities involved in expanding the KRW stablecoin ecosystem while illustrating the strategic priorities Bithumb may pursue to remain competitive.
As industry giants like Dunamu and leading global exchanges continue to broaden their reach—from blockchain development to stablecoins and international payment systems—Bithumb faces heightened pressure to provide clarity on its path forward. Staying static in such a dynamic landscape risks diluting its competitive edge.
Global Exchanges’ Platform Evolution and Korea’s Regulatory Landscape
Cryptocurrency exchanges worldwide are breaking traditional molds, aiming to offer comprehensive financial services that go far beyond basic trading. A notable example is Coinbase, which has articulated grand ambitions to develop a “crypto super app.” CEO Brian Armstrong stated, “Our goal is to integrate payment services, credit card functionalities, rewards programs, and allow users to perform all their financial activities from a single app.” Armstrong added that the ultimate vision is for Coinbase to replace traditional financial accounts by acting as an all-in-one digital hub for users' financial needs.
This drive toward multi-functional platforms highlights a trend among global leaders to diversify revenue streams and enhance user experiences. Yet, the stability of fee-based models—which remain sensitive to market volatility—necessitates strategic innovation to weather downturns and maintain growth.
In South Korea, researchers emphasize the pivotal role of regulatory alignment in fostering innovation in blockchain development. Yoon-sung Cho, a researcher at Tiger Research, explained, “Revenue diversification is increasingly vital as global competition intensifies. If South Korean policymakers prioritize regulatory support and create a more flexible framework, exchanges like Upbit and Bithumb could unlock innovative business models that strengthen the nation’s competitiveness in blockchain.”
As the crypto industry braces for stricter regulations and evolving market demands, exchanges must strike a balance between platform expansion and adherence to policy. Success will depend heavily on their ability to adapt, innovate, and integrate blockchain solutions that align seamlessly with global financial ecosystems.
The Road Ahead for Bithumb
The future of cryptocurrency exchanges lies in their ability to transition into diversified financial platforms. While Dunamu has set the pace with ‘GIWA,’ Bithumb’s next steps—whether through KRW-backed stablecoins, proprietary blockchain development, or strategic partnerships—will be critical in defining its competitive stance.
As the rivalry among platforms intensifies, responsive regulation, technological innovation, and ecosystem expansion will play a pivotal role in determining which exchanges thrive in an increasingly saturated and globalized market. Bithumb, standing at a crossroads, must act decisively to claim its place among the industry's leaders—adapting not just to survive, but to lead in a competitive crypto economy.
