The cash, which forms part of a Series A funding round, will allow Blockchain Exchange Alliance (BXA) to expand the international side of Bithumb, which is already one of South Korea’s largest exchanges. New trading pairs will also appear, the press release notes.
“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,” BXA stated in the press release.
The move comes in the wake of upheaval at Bithumb, which suffered losses of around $13 million late last month in what executives suggested was an insider operation to defraud the company.
The company subsequently released results of a third-party public audit, reassuring investors their funds were in suitably secure storage.
Prior to that, in 2018, a much larger hack had seen Bithumb lose what initially appeared to be around $30 million, the figure subsequently being reduced to $17 million.