• Sun, 16 Jun 2019, 10:52 PM
  • All times are UTC
  • Edition:
    International
Link copied

Japan’s ST Blockchain Fund invests $200M in Bithumb’s parent company’s Series A round

Image: Bithumb (via Twitter)

Mon, 15 Apr 2019, 11:53 am UTC

Japan’s ST Blockchain Fund has invested $200 million in the Series A round of Blockchain Exchange Alliance (BXA), the parent company of South Korean cryptocurrency exchange Bithumb, Cointelegraph reported.

Earlier this year, Bithumb signed a binding letter-of-intent agreement to merge with investment and advisory firm Blockchain Industries and announced plans to take a new name “Blockchain Exchange Alliance’. According to the details on BnkToTheFuture, Bithumb created BXA, which now holds 38.7% of the company and operates the Bithumb exchange.

BXA plans to use the fresh funding to expand the international side of Bithumb, which is planning to add new trading pairs on its platform.

Based in Japan, ST Blockchain Fund features participation from investors around the globe, including Europe and 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.

Bithumb recently suffered a major hack in which it lost approximately $13 million in EOS and suspected it to be an insider job. Soon after, it released results of a third-party public audit, reassuring investors that their funds were in secure storage.

The company’s annual losses for the year 2018 stood at around $180 million.

Last year, BK Consortium signed a deal to acquire Bithumb for 400 billion won (approximately $350 million). Recent reports suggest that BK Consortium has delayed the payment for the acquisition – having paid only about $20 million of the total amount to date.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,047.89 (+2.54%)
  • Ethereum (ETH) $269.68 (+0.21%)
  • XRP (XRP) $0.426800 (+4.08%)
  • Litecoin (LTC) $136.76 (-0.61%)
  • Bitcoin Cash (BCH) $427.50 (+1.61%)
  • Bitcoin (BTC) $9,047.89 (+2.54%)
Jun 14, 2019 (Friday)
10:49
Crypto Technicals: Bitcoin hovers around 20-DMA, poised for upside resumption
10:35
National Fisheries Institute to begin seafood blockchain pilot with IBM Food Trust
09:43
Reuters, Bloomberg, TradingView add support for new cryptocurrency index ‘CIX100’
09:26
Crypto Technicals: Litecoin retraces brief dip below $129, finds strong support at 110H EMA
09:08
Facebook's cryptocurrency project gets big backers including Mastercard, Paypal, Uber, Visa: Report
08:59
Circle to end support for its payment app, to shift to blockchain-based financial projects
07:27
Bitcoin startup Bitrefill closes $2M seed round led by Coin Ninja
07:21
U.S. FDA picks IBM, KPMG, Merck and Walmart to develop blockchain platform for prescription drugs
06:01
Turkey's BKM launches blockchain-based digital certificate platform co-developed with Microsoft and VeriPark
04:47
Bakkt to begin bitcoin futures testing on July 22
03:32
R3, Bradesco, Itau team up to develop blockchain-enabled platform for foreign trade and insurance: Report
02:36
Brazil considers promoting blockchain in public administration in new proposed bill
02:29
FINRA fines, suspends ex-Merill Lynch advisor for crypto mining business
02:25
Less than 5% of GitHub crypto contributors are women: Study
Jun 13, 2019 (Thursday)
11:25
John McAfee launches new cryptocurrency trading platform
10:27
Indian government-backed learning initiative SWAYAM offers free course on cryptocurrencies and blockchain
10:20
Crypto Technicals: ETH/USD consolidates break above 20-DMA, scope for further upside
09:29
Square Crypto announces former Google director Steve Lee as first hire
08:41
FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report
08:33
Crypto Technicals: Bitcoin Cash edges above 21-EMA, signs of bullish resumption
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft