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Bithumb’s parent company BXA eyes US and Japanese markets for expansion

Mon, 22 Apr 2019, 11:55 am UTC

Blockchain Exchange Alliance (BXA), the parent company of South Korean cryptocurrency exchange Bithumb, is planning to expand to American and Japanese markets, CEO BK Kim told Cointelegraph Japan.

Earlier this year, Bithumb signed a binding letter-of-intent agreement to merge with investment and advisory firm Blockchain Industries, publicly traded on U.S. over-the-counter (OTC) markets, and announced plans to take a new name “Blockchain Exchange Alliance’. Reports had suggested that the deal could see a back door listing for the exchange.

Kim confirmed to Cointelegraph that BXA was pursuing a “reverse merger” strategy by acquiring a publicly-traded company that is already listed on either Nasdaq or the New York Stock Exchange (NYSE). This would help a company go public faster and also cut down on the listing fees, he explained.

A lawyer has given the opinion that BXA can be listed via the reverse merge route under the existing legal framework, Kim added.

The company is also looking for potential partners in Japan to set up a joint venture for a licensed cryptocurrency exchange.

Kim further said that BXA is planning to increase the stake in Bithumb by acquiring up to 70% of Bithumb operator BTC Holdings. That said, he clarified that BXA is already the controlling stakeholder for Bithumb.

Last week, BXA secured $200 million in funding from Japan’s ST Blockchain Fund. It had said that the funds will be used to drive the expansion of Bithumb’s presence internationally.

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