The parent firm of big South Korean cryptocurrency market Bithumb has obtained $200 million in financing from Japan's ST Blockchain Fund, the latter supported in a media release shared by Cointelegraph Japan on April 15.
The money, which forms a part of a Series A financing round, enables Blockchain Exchange Alliance (BXA) to enlarge the global aspect of Bithumb, which is currently among South Korea's biggest exchanges. New trading pairs may even look, the media release notes.
ST Blockchain Fund relies on Japan but includes participation from investors across the world, such as Europe along with also the United States.
“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 in the press release.
The movement comes in the aftermath of upheaval in Bithumb, which suffered losses of about $13 million last month at what executives proposed has been an insider operation to defraud the organization.
The business then introduced results of a third-party public audit, reassuring investors that their funds were inappropriately protected storage.
Prior to this, in 2018, a much bigger hack had noticed Bithumb shed what originally appeared to be approximately $30 million, the amount then being decreased to $17 million.
Since Cointelegraph reported a week, the organization's annual reductions for 2018 totaled nearly $180 million.
ST consequently eliminates any uncertainty about its religion in the local market with all the investment, as raising Bitcoin (BTC) prices spark new interest from South Korea consumers.
Last week, the so-called “Kimchi Premium” — a surcharge for Bitcoin at fiat provisions on South Korean trades — allegedly reappeared following an elongated absence.