Bithumb, the South Korean cryptocurrency exchange which claims to be one of the best and most reliable blockchain platforms for buying and selling of digital assets after the loss of $13 million funds previously in March, trying to recover the loses and spreading its arms internationally, by convincing potential investors and funds globally.
As per the corroborated cryptocurrency news outlets, Bithumb’s parent company Blockchain Exchange Alliance (BXA) in its recent move got successful to raise $200 million in a series A funding round from Japan-based ST Blockchain Fund which is holding a boutique of international investors. The parent company is trying its best in order to support Bithumb expansion scale internationally with new, possible, and potential trading pairs.
Reportedly, the key rationale behind this huge investment decision is to share the common interests and visions of ST Blockchain Fund and Blockchain Exchange Alliance’s (BXA) to establish a secure, low-cost global cryptocurrency exchange platform which can efficiently
transfer value across borders with lower costs.”
BITHUMB’s International Expansion Process Begins
Interestingly, early this year in Feb, in the process of expansion Bithumb also launched an over-the-counter (OTC) trading desk while mandating the strict onboarding policies and submission of KYC and AML related documents for institutional investors which it named “Ortus.”
In fact, the company was vouching out various expansion routes from many months and eyeing towards the opening up of offices internationally. Last year, during 2018, the South Korean exchange indicated its presence in the middle east by opening a branch in the UAE and set off its office in London
Earlier in January, in an effort to give faster access to crypto exchanges to public markets compared to a conventional long and tedious structure of initial public offerings (IPO)
Filing we already witnessed the reverse merger of Singapore based BTHMB, which is now Blockchain Exchange Alliance (BXA). BTHMB allianced with the United States listed Blockchain Industries and signed a binding letter to gain more liquidity, accessibility, and expansion to the blockchain, and cryptocurrency industry.
It is also important to note that, last year, Bithumb has suffered a loss of $30 million in a hack, the amount, however, corrected by the company and decreased to $17 million.
The cryptocurrency industry is going through a surreal phase where big ventures if they are manipulating the funds still not be exposed as swindlers because they know the terms and tactics to deploy and direct the market sentiments in their favor by any means.
So, what is important for a consumer and a smart investor to invest and safeguard their funds cautiously and get it handled by the experts if they aren’t capable of managing them in a right and progressive way. The acquisition and mergers are the part and parcel of any industry, however, it doesn’t mean to believe in all the organizations luring policies and acts which can prove sometimes harmful for the naïve investor.