South Korean cryptocurrency commutation Bithumb has established its own research and development (R&D) heart.

According to an announcement on Jan. half-dozen, the initiative makes Bithumb the kickoff company with a blockchain and cryptocurrency research center in South Korea. Bithumb expressed high hopes for the research center'southward touch on the company:

"Bithumb will become a leading company in the blockchain and cryptocurrency ecosystem by strengthening its own R&D capabilities."

The center's purpose

The new R&D center is going to employ around 30 people and will start its activities this month. Bithumb'south inquiry squad volition study system compages pattern to strengthen public blockchain transaction analysis and cryptocurrency private key security.

The architecture research team will focus on loftier-performance transaction matching systems that tin answer to large simultaneous orders. Bithumb also plans to analyze blockchains to isolate cryptocurrency trading transactions and develop a arrangement for user address generation that allows for deposits and withdrawals on its substitution.

The commutation plans to develop security enhancement technologies related to encryption, separation of functions and implementation of verification systems that allow for the safe storage and use of private keys. Bithumb's research team will as well work on high-availability and loftier-performance information exchange between blockchains and databases.

Additionally, the staff has been tasked with edifice an application programming interface for its cryptocurrency trading platform and upgrading its matching engine.

Increasing blockchain research spending

Equally blockchain and cryptocurrency increasingly show potential across the initial hype, more than and more funds are existence poured into relevant research.

As Cointelegraph reported at the end of December, Tencent, the operator of Chinese social media app WeChat, is planning to create a digital currency research grouping for the further advancement of blockchain technology research projects.

Furthermore, Chinese state-run publication Xinhua forecasted that the nation's spending on blockchain technology will exceed $2 billion in 2023. A report published in September 2022 by market inquiry firm Global Market Insights suggests that the global blockchain technology market is set to surpass $16 billion by 2024.