In some exciting and much needed good news for Bithumb – the South Korean cryptocurrency exchange giant’s holding company has received a massive $200 million USD equivalent investment from the Japan’s ST Blockchain Fund, according to recent reports.
The Bithumb exchange’s holding company is called Blockchain Exchange Alliance (BXA), and this new investment will mean that it can expand Bithumb into international territory, while also improving the core services offered – such as an increased number of trading pairs available for investors.
Bithumb’s hacks and massive 2018 financial loss
This is fantastic news for Bithumb, which had posted a loss of $180 Million USD from its 2018 financial report, whilst also being the victim of a large hack on March 29th where the exchange lost over $13 million USD of EOS, and $6.2 Million USD of XRP.
This was on top of an incredible $30 million USD hack back in 2018. It’s fair to say the Bithumb exchange hasn’t had the best luck over the last year, but now the tables seem to be turning, and the exchange’s future is almost certainly assured with this massive influx of income.
The Blockchain Exchange Alliance gives investment – helps Bithumb thrive
The Blockchain Exchange Alliance said in their press release: “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”
The fact that Bithumb now has the income to survive, and even thrive, says a lot for not just faith in the company, but faith in the cryptocurrency industry as a whole. Investing companies who are backing the individual companies within the industry are in turn helping the whole grow.