BXA (Blockchain Exchange Alliance), the parent company of the leading Korean exchange, Bithumb, intends to acquire a public company (through the so-called reverse merger), which is already listed on one of the New York Stock Exchange - NASDAQ or the New York Stock Exchange.
According to the leader Byung Gun Kim of the company, it is assumed that this will be a faster way to the goal than the first public offering (IPO). The operator Bithumb has already turned to the United States for legal assistance on this issue, which was supposed to give the green light to this action.
Also, led by Dr. Byung Gun Kim BXA looked at potential partners in Japan. He would like to create such a cryptocurrency project with his investors so that he would receive an official license from the state.
This week, BXA received funding during the Series A round at $200 million from the Japanese ST Blockchain Fund.
According to Byung Gun Kim, the funds will be used to expand the geography of Bithumb, which is already one of the largest exchanges in South Korea and the addition of new trading pairs to the platform.
The ST Blockchain Foundation is based in Japan, but there are investors from all over the world, including Europe and the USA.
Recall that this step occurred after a situation where Bithumb suffered losses of about $ 13 million at the end of last month, which, according to the management, was an insider actions to deceive the company. Subsequently, the company published the results of an independent public audit, convincing investors that their funds were in a fairly reliable repository.