South Korea’s Bithumb parent company secures $200 million from Japan’s ST Blockchain Fund
|- Blockchain Exchange Alliance (BXA) to use the $200 million to expands Bithumb’s international business.
- The funding comes after the exchanges reported a loss of $13 million in March.
According to a report published by Cointelegraph on April 15, South Korea’s leading cryptocurrency exchange Bithumb parent company has announced that it has secured a $200 million fund from ST Blockchain Fund based in Japan. The report says that the funding makes series A funding round and that the funds will be channeled towards expanding Bithumb international sector of the business.
Blockchain Exchange Alliance (BXA) wants to ensure that Bithumb maintains its position as the leading exchange in South Korea while at the same time increase the trading pairs. ST Blockchain has investors spread across the world. A section of the press release says:
“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 funding comes after the exchanges reported a loss of $13 million in March. Executives at Bithumb said that the loss was likely instigated by an insider operation. No customers’ funds were lost in the event and all the money lost belong to the exchange. A third party audit report assured investors that their funds were safe.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.