Bithumb Crypto Exchange to Expand International Activities After Raising $200 Million Funding | ForkLog

Bithumb Crypto Exchange to Expand International Activities After Raising $200 Million Funding

news
16.04.2019

Bithumb, one of the biggest Bitcoin exchanges in South Korea, has secured a whopping $200 million in a Series A funding round from the Japan-based ST Blockchain Fund.

As per report by Cointelegraph, the funds will be deployed towards expanding international activities and possible addition of new trading pairs.

“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,” Blockchain Exchange Alliance (BXA), Bithumb’s parent company, said in the press release.

ST Blockchain Fund is based in Japan, but features participation from investors throughout the world, including Europe and the United States.

The move comes in the wake of upheaval at Bithumb, which suffered losses of around $13 million in the EOS cryptocurrency and about $6.2 million in XRP late last month in what executives suggested was an insider operation to defraud the company.

The company subsequently released results of a third-party public audit, reassuring investors their funds were in suitably secure storage.

Prior to that, in 2018, a much larger hack had seen Bithumb lose what initially appeared to be around $30 million, the figure subsequently being reduced to $17 million.

Last week, the company posted a net loss of 205.5 billion won ($180 million) for 2018.

The news about the funding shows that even though Bithumb has suffered from multiple hacks, investors keep faith in the exchange. Despite all the above mentioned issues, Bithumb seems to enjoy a positive reputation. This might be due to the fact that Bithumb has been consistently sticking to the policy of reimbursing its customers.

Found a typo? Highlight text and press CTRL+ENTER

Subscribe to our Newsletter

<

Related posts

Tags: , , ,
  • akili

    what an amazing article really gave me some insight on how increase and build my earnings. I used to have Money problems to , but since using hashflare went from $50 to $430 daily and earning exponentially amount of money checkheck it out [ bit.ly/2XpncK2 ] it helps you increase your earnings and with bitcoin payments with are Fast , love the article by the way , it’s really helpful.

  • Chris Fong

    With the rise of malware affecting more and more users daily, computer security and personal vigilance are more important than ever before.. It’s best you reach out to blackrock consult pro and hire an expert for top firewall security, database/fund recovery (if you have been hacked or scammed) and stealth investigation services for individuals and institutions based on unique preferences and requests.