The parent company of major South Korean cryptocurrency exchange Bithumb has received $200 million in funding from Japan’s ST Blockchain Fund, the latter confirmed in a press release shared with Cointelegraph Japan on April 15.
The cash, which forms part of a Series A funding round, will allow Blockchain Exchange Alliance (BXA) to expand the international side of Bithumb, which is already one of South Korea’s largest exchanges.
“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 stated in the press release.
The company subsequently released results of a third-party public audit, reassuring investors their funds were in suitably secure storage.
Prior to that, in 2018, a much larger hack had seen Bithumb lose what initially appeared to be around $30 million, the figure subsequently being reduced to $17 million.
Last week, the so-called “Kimchi Premium” — a surcharge for Bitcoin in fiat terms on South Korean exchanges — reportedly reappeared after an extended absence.