Cryptocurrency exchange parent company Bithumb receives $ 200 million in funding from Japan’s ST Blockchain fund to expand operations.
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The funds raised will be used for international development and the addition of new trading pairs. This move follows the recent announcement by the largest South Korean trading platform of colossal losses ($ 180 million) in 2018 and the loss of $ 13 million as a result of the platform hacking, which, according to management, is an insider operation..
Although the investment fund is based in Japan, it includes European and American investors. Company officials say the infusion will help the exchange improve efficiency and lower unit costs by increasing trade coverage..
Thus, ST has dispelled any doubts about its belief in the local market, as bitcoin’s appreciation sparks renewed interest among South Korean consumers..
Earlier, we also reported that the Chinese government wants to introduce a complete ban for cryptocurrency mining.
text: Ivan Malichenko, photo: ihned