Blockchain Exchange Alliance Obtains $200 Million In New Funding Round

The Blockchain Exchange Alliance is the parent company of one of the largest South Korean exchanges-Bithumb. The BXA obtained $200 million in funding from the Japanese Investment ST Blockchain fund according to a press release that we have in the altcoin news today.

The press release published on Cointelegraph Japan, explains that the funding is part of the Series A funding round. With the funding, the Blockchain Exchange Alliance will expand on the international market thus pushing Bithumb to conquer international markets. There will also be new trading pairs as well.

The ST Blockchain Fund is based in Japan but many investors from Europe and the United States also participate. The Blockchain exchange alliance stated:

 “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 new funding round comes right after the massive loss of Bithumb after the exchange hack. The Exchange lost about $13 million last month about which some of the executives believe that could have been an insider attack.

As previously reported in our latest cryptocurrency news, the Blockchain Exchange Alliance released the results of the public audit in a bid to reassure the investors that their funds are basically intact. Before this attack happened, there was a much bigger one where Bithumb lost about $30 million which later turned out to be $17 million.

The company’s losses for 2018 summed up to $180 million according to reports. The ST Fund shows its support for the local crypto market by investing in the Blockchain Exchange Alliance after the price of Bitcoin spiked over the month.

Last week, the increase in the price of the number one cryptocurrency, boosted the interest and demand on the South Korean Market as well. The ‘’Kimchi Premium’’ surcharge for Bitcoin in fiat on all major South Korean exchanges, also reappeared after a longer period of time.