Bithumb Exchange Is Planning Crypto Expansion Strategy Into The USA And Japan Markets
Bithumb Exchange Is Planning Expansion Into The US And Japanese Markets
The South Korean cryptocurrency exchange Bithumb seems to be planning to reach the two largest cryptocurrency markets, the United States and Japan. The CEO of the exchange Alliance (BXA), that controls a large part of Bithumb, was in charge of revealing these plans to enter these new markets.
Bithumb Exchange Plans Expansion To The USA And Japan
During a conversation with Cointelegraph Japan, BK Kim, the CEO of BXA, said that they want to acquire a publicly-traded company that is already listed on the Nasdaq or the New York Stock Exchange (NYSE). This could be easier than planning an Initial Public Offering (IPO) and get listed in one of these exchanges.
They are also trying to expand in Japan. In order to do so, they want to establish a joint venture that would allow them to receive a license to operate as a crypto exchange in this jurisdiction. Japan has very strict rules for those companies that want to operate in its soil. The increasing pressure from regulatory authorities in the country is related to the fact that several exchanges have been affected by hacks and other issues.
Moreover, the firm is also planning to acquire 70% of the Bithumb operator. Nonetheless, BXA is already the controlling stakeholder of the exchange. The BXA token is already listed on the BitMax exchange and they noted that although they would like to have the digital asset listed in Bithumb, that would require thorough consideration of regulatory requirements.
BXA has also received $200 million in funding from Japan’s ST Blockchain Fund. They want to use these funds and expand the digital currency exchange Bithumb around the world. Although South Korea has a very active crypto trading community, Japan and the United States are the two largest countries operating in the market and with the largest trading volume.
Back in March, Bithumb has been affected by a $13 million attack in which executives claim that was due to an insider operation to harm the firm. In 2018, the firm was also hacked losing $17 million in digital currencies.