Bithumb Cryptocurrency Exchange Will Enter Singapore Market Via Local Platform BitHolic
Bithumb, a prominent South Korean cryptocurrency exchange, is set to enter the crypto market of Singapore soon. According to a local media outlet called News1 Korea, the company has acquired a regulated company in the country to buy its entrance in the market.
The selected company is BitHolic. The media outlet affirmed that BitHolic has recently changed its name to Bithumb Singapore, which is pretty much a great hint of what happened.
An anonymous source who was interviewed by News1 Korea, the equity structures of the deal were not revealed, but Bithumb is trying to advance to international markets and it will start with this close market by acquiring the other company and using it as a base to quickly enter Singapore with licenses already in place.
Part of the reason for choosing BitHolic might because of Park Jeong Hun. He worked as a director on the South Korean company some years ago and now represents the Singaporean company, so he probably acted as the bridge during the deal.
This is a clear move in a very popular trend: move internationally to get more clients because crypto is getting popular. Several companies such as Coinbase and Binance are doing it, so the South Korean giant could not lose this chance.
Despite the expansion, Bithumb is far from being in its best year ever. Earlier in 2019, the company was hacked and it lost USD 19 million, mostly on XRP and EOS tokens. The hack was smaller than the previous one, though, which saw the exchange losing around USD 30 million.