Bithumb Holding Company Looks to Raise US$100M in Equity Round
Blockchain Exchange Alliance (BXA), the Singapore-headquartered holding company of Bithumb, one of South Korea’s largest cryptocurrency exchanges, is looking to raise at least US$100 million in a Bnktothefuture equity crowdfunding.
BXA holds 38.7% of the company that owns and operates the Bithumb exchange. The exchange claims 4.3 million active users and about US$1.4 billion in daily trading volume as of December 13, 2018. Bithumb generated US$312 million in revenue in 2017 and US$248 million in operating profits, with an operating profit market of 80%, according to the company’s Bnktothefuture campaign page.
So far, BXA has managed to raise US$100,295,000 raised from 39 investors, surpassing its investment goal. BXA is offering 6.66% in equity.
BXA said it will use the proceeds on solidifying Bithumb’s foothold in the crypto market, expanding the existing cryptocurrency exchange trading business as well as expanding into new verticals such as digital payment.
BXA also plans to launch localized cryptocurrency exchange platforms around the world including the US, the UK, Australia, Thailand, Singapore, Mexico, Peru and Hong Kong, as well as open “the world’s first CryptoBank” offering crypto loans, payments, credit card, custodian services, an over-the-counter (OTC) trading desk, and more.
BXA was started in 2018 by BK Global Consortium, which acquired Bithumb in October for approximately 400 billion won (US$354 million).
Hackers breached into Bithumb in early 2018 and stole about US$32 million.