Bithumb Exchange Operator Gains $200 Million
The parent company of major South Korean cryptocurrency exchange Bithumb has received $200 million in funding from Japan’s ST Blockchain Fund.
The money will allow Blockchain Exchange Alliance (BXA) to expand the international side of Bithumb, which is already one of South Korea’s largest exchanges.
ST Blockchain Fund is based in Japan, but 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,”
The move comes in the wake of upheaval at Bithumb, which suffered losses of around $13 million late last month in what executives suggested was an insider operation to defraud the company.
The company later released results of a third-party public audit, reassuring investors their funds were secured.