Cryptocurrency Exchanges Launch Joint Venture for Common Travel Rule System

Bithumb, Coinone and Korbit have launched a joint venture for the establishment of a common travel rule system.

Bithumb, Coinone and Korbit have launched CODE, a joint venture for the establishment of a common travel rule system.

The three cryptocurrency exchanges announced on Aug. 31 that they set it up by joint investment, the total initial investment is 900 million won, and they equally share stakes and voting rights in the joint venture.

The first head of the joint venture is Coinone CEO Cha Myung-hoon. The term of office of the CEO of the joint venture is two years, and the three exchanges will take the position alternately.

They have individually developed travel rule systems required by the Financial Action Task Force. In the joint venture, the systems will be combined into one by the end of March next year.