- 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.