Bithumb Cryptocurrency Exchange Is Going To Expand USA And Japan Markets
Bithumb, one of the largest Bitcoin exchanges in South Korea is going to offer services to residents of the United States and Japan in the near future. This states BC Kim, CEO of the Blockchain Exchange Alliance (BXA), which owns the controlling package in Bithumb, in an interview with Cointelegraph.
According to him, the BXA strategy is the so-called reverse merger, involving the purchase of a company whose shares are already being traded on one of the major exchanges. Among those, Kim names the Nasdaq and the New York Stock Exchange (NYSE).
Such a path may be faster than a traditional IPO, and will also help to significantly reduce the cost of listing on the stock exchange, which can reach $ 6 million.
As Kim says, BXA has already applied for legal support in the United States, and a lawyer from an unnamed firm said that the current regulatory environment allows the company to implement the stated plan.
BXA is also looking for partners in Japan, where it wants to create a joint venture to launch a officially licensed cryptocurrency exchange.
In addition, BC Kim said that he could potentially increase the share of BXA in Bithumb by buying up to 70% of the shares of BTC Holdings, the current operator Bithumb.
Additionally, he touched on the issue of the BXA's own token, which is already traded on the BitMax exchange, noting that its potential listing on Bithumb requires additional legal assessment.
Earlier this week, the Blockchain Exchange Alliance received funding in the amount of $ 200 million from the Japanese blockchain fund ST in the framework of the investment round of series A. As stated, investments will be directed to expanding the geography of Bithumb services, as well as adding new trading pairs to the website.