Blockchain Exchange Alliance launches new Plans for US, Japanese Markets

The CEO of Singapore-established Blockchain Exchange Alliance (BXA) — that has a controlling stake in important South Korean crypto market Bithumb — has recently revealed plans to expand into the Japanese and American markets. The information was reported by Cointelegraph Japan on April 18.

BXA CEO BK Kim advised Cointelegraph Japan in a meeting which BXA's approach is to pursue a so-called reverse osmosis route by obtaining a publicly-traded business that's already recorded on Nasdaq or the New York Stock Exchange (NYSE).

The path can be a quicker way to have a business public than a classic Initial Public Offering (IPO), BK Kim mentioned, adding it may also help lessen listing fees — allegedly estimated to amount to about $6 million.

Based on BK Kim, BXA has sought legal counsel from the USA, where an attorney has given the view that the present legal framework permits for BXA to be recorded using such a reverse-merger arrangement.

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The CEO also disclosed that BXA is now seeking potential partners in Japan to establish a joint venture to get a crypto market that would be formally accredited by the nation's watchdog.

BK Kim further discussed intends to prospectively raise BXA's stake in Bithumb by obtaining around 70 percent of Bithumb operator BTC Holdings — even though he emphasized that without the further stocks, BXA is currently the controlling stakeholder for its trade.

In relation to BXA's very own token, BXA — listed on BitMax market — that the CEO noted that a possible Bithumb BXA list would require comprehensive consideration of regulatory impediments and the company could announce any additional developments on the situation.

BK Kim's revelation of BXA's U.S. plans supports anonymous sources that had signaled the organization's interest in following a reverse-merger that January, as reported in the moment.

Before this week, BXA obtained $200 million in financing from Japan's ST Blockchain Fund, together with the documented intention to utilize the capital to expand the global outreach of Bithumb.

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Bithumb has experienced a tumultuous period, lately suffering losses of about $13 million by some late March hack what executives proposed has been an undercover surgery to defraud the organization. The market was motivated to run an outside audit to guarantee users its capital were kept in cold storage pockets and the losses had influenced the market's assets only.

Prior to this, a significant hack on in 2018 had led to the loss of about $17 million. Bithumb's firm's net yearly losses for this year totalled roughly $180 million.

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