The CEO of Singapore-based Blockchain Exchange Alliance (BXA) — which has a controlling stake in major South Korean crypto exchange Bithumb — has revealed plans to expand to the American and Japanese markets.
BXA CEO BK Kim told Cointelegraph Japan in an interview that BXA’s strategy is to pursue a so-called reverse merger route by acquiring a publicly-traded company that is already listed on either Nasdaq or the New York Stock Exchange (NYSE).
According to BK Kim, BXA has already sought legal advice in the United States, where a lawyer has reportedly given the opinion that the current legal framework allows for BXA to be listed using such a reverse-merger structure.
BK Kim further discussed plans to prospectively increase BXA’s stake in Bithumb by acquiring up to 70% of Bithumb operator BTC Holdings — although he emphasized that even without the additional shares, BXA is already the controlling stakeholder for the exchange.
In regard to BXA’s own token, BXA — already listed on BitMax exchange — the CEO noted that a potential Bithumb BXA listing would require thorough consideration of regulatory impediments and that the firm would announce any further developments on the matter.
Earlier this week, BXA received $200 million in funding from Japan’s ST Blockchain Fund, with the reported intent to use the funds to expand the international outreach of Bithumb.