Bithumb Plans to Invest Over $8Mln Into South Korean Regulatory Sandbox

By Shannon Wilson | January 11, 2020

Bithumb – the major South Korea-based crypto exchange platform – is reportedly planning to make a financial investment, equivalent to over $8 million, into the regulatory sandbox of the country. 

As revealed by one of its subsidiary GCX Alliance, Bithumb is considering the prospect of pumping 10 billion won ($8 million) into what is called the “regulatory free zone”, located in Busan, South Korea. 

Previously, Busan, top 2 major cities across the nation of South Korea, has attracted significant attention from the public eye, due to its current status of a region, at the moment, under no regulation from the authorities, as well as its ambition to create a crypto coin powered by blockchain

KT Corporation – a key player in telecom services from South Korea – has publicly introduced a new blockchain-powered currency based at a major suburban city in the nation – Busan.

Bithumb has hinted at directing its 10 billion won financial investment at Tongsan Asset Exchange – headquartered in Busan – as indicated by Korea’s Ministry of Small and Medium Venture Businesses. 

“The industry expects Bithumb to launch various blockchain-based financial businesses in Busan with this investment.”

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