The guardian firm of main South Korean cryptocurrency exchange Bithumb has obtained $200 million in funding from Japan’s ST Blockchain Fund, the latter confirmed in a press launch shared with Cointelegraph Japan on April 15.
The money, which kinds a part of a Sequence A funding spherical, will enable Blockchain Trade Alliance (BXA) to broaden the worldwide facet of Bithumb, which is already certainly one of South Korea’s largest exchanges. New buying and selling pairs can even seem, the press launch notes.
“The fund shared our imaginative and prescient of making a world digital trade platform that may effectively switch worth throughout borders with decrease prices, which was the important thing rationale behind this funding determination,” BXA acknowledged within the press launch.
The transfer comes within the wake of upheaval at Bithumb, which suffered losses of round $13 million late final month in what executives suggested was an insider operation to defraud the corporate.
The corporate subsequently released results of a third-party public audit, reassuring traders their funds have been in suitably safe storage.
Previous to that, in 2018, a much larger hack had seen Bithumb lose what initially seemed to be round $30 million, the determine subsequently being diminished to $17 million.
As Cointelegraph reported final week, the corporate’s annual losses for 2018 totalled nearly $180 million.
ST thus removes any doubt about its religion within the native market with the funding, as growing Bitcoin (BTC) costs spark recent curiosity from South Korea customers.