Crypto Exchange Bithumb’s Operator Receives $200M USD Investment From Japan’s ST Blockchain Fund

Blockchain, Investing, News | April 16, 2019 By:

Blockchain Exchange Alliance (BXA), the parent company of South Korean crypto exchange Bithumb, has received $200 million in funding from Japan’s ST Blockchain Fund.

BXA provides user-friendly payment services, including e-commerce, gaming and the sharing economy. It is working toward launching new digital financial services, including security token exchanges, crypto-banking, and custody services. In January of this year, the firm signed a binding letter of intent (LOI) to merge with investment and advisory firm Blockchain Industries. BXA intends to use Blockchain Industries to market and expand their operations in the United States.

BXA said that the latest funding will be used to expand the international side of Bithumb, which is planning to add new trading pairs on its platform.

“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,” BXA said.

The funding came after Bithumb reported a loss of $13 million in March following a security breach, which, it said, was likely to be an inside job. Bithumb subsequently released results of a third-party public audit, reassuring investors their funds were in suitably secure storage.