Apr 15, 2019 16:35 UTC
May 14, 2019 at 20:34 UTC
Japanese Fund Invests 200 Million USD In Bithumb
As many might be aware, Bithumb, is one of South Korea’s most popular cryptocurrency exchange, and as per recent reports published and shared on 15th of April, it’s parent company, Blockchain Exchange Alliance (BXA) has been on the receiving end of a 200 million USD funding from Japan’s ST Blockchain Fund. The cash that was given to BXA was a part of a Series A funding round and will be allowing Blockchain Exchange Alliance (BXA) to expand the international side of Bithumb, which is already one of South Korea’s largest exchanges.
The press release also notes that new trading pairs will be introduced.
ST Blockchain Fund which is based in Japan, features participation from investors throughout the world, including Europe and the United States.
BXA, in the press release, stated,
“The fund shared our vision of creating a global digital exchange platform that can efficiently transfer value across borders with lower costs, which was the key rationale behind this investment decision.”
Bithumb, this past year has been in the news often and mostly for the wrong reasons. This move follows what has been a tumultuous time for Bithumb, which went through an upheaval and suffered a total loss of about 13 million USD, late last month. Executives have suggested that this was an insider operation attempted to defraud the company. The company subsequently released results of a third-party public audit, reassuring investors their funds were in suitably secure storage.
Prior to that, in 2018, Bithumb had been a victim to a much larger hack which saw Bithumb lose what initially appeared to be around $30 million, the figure subsequently being reduced to $17 million. As per available reports, the company’s annual losses that were incurred in 2018 was almost $180 million. By investing in BXA, ST has thus managed to remove any doubt its faith in the local market, as increasing Bitcoin (BTC) prices are also sparking fresh interest from South Korea consumers.