Bithumb’s parent company, Blockchain Exchange Alliance [BXA], received a massive $200 million in funding during its Series A round. This huge sum was offered by Japan’s ST Blockchain Fund, reported Coin Telegraph. Though based in Japan, ST Blockchain Fund interests investors from around the world, including Europe and the United States.
BXA is raising funds to take Bithumb to the international level. Bithumb, already one of the largest exchanges in South Korea, will expand in international markets with new trading pairs.
BXA’s press release read,
“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 news of massive funding comes in after Bithumb lost around $13 million in March following a hack. According to reports, this was considered to be an inside job, done to deceive the company. However, in the third-party public audit, Bithumb reassured investors that their funds were in a secure storage.
Bithumb was also hacked in 2018, losing around $30 million. However, the figure was later corrected to $17 million. The investment by ST will be a much-needed impetus to Bithumb, an exchange that has been reeling under major losses. It has been reported that the South Korean exchange reported losses over $180 million since the price of Bitcoin dropped, while it also had to lay off half of its staff last month.
The timing of the investment also falls in line with the rising prices of cryptocurrencies, especially since Bitcoin has finally breached the $5K mark
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