Kim Byeong Gun, chairman with Blockchain Exchange Alliance (BXA), an owner of Bithumb Exchange, unveiled his vision to position the BXA alliance as a global digital financial platform that aims not only to pool and share liquidity among exchanges across the world, but also support global digital assets trading.
At a press conference held today, chairman Kim said, “The takeover of Bithumb Exchange was to lay the groundwork for promoting BXA as a technology-centric, regulation-compliant global digital assets trading platform. In doing so, we will aggressively push for partnerships with other exchanges to create a user-friendly environment for supporting daily uses of STO or security tokens through ICOs.”
His blueprint for fiscal 2019 comes at a time when the exchange gets caught into controversies over the 'wash trading"' allegations and his difficulties in raising funds needed to finance the completion of the take-over deal, which he signed in November to acquire a 50% plus one share stake of Bithumb for 400 billion won, paying down 11.2 billion won for upfront money. Yet, he has to pay out the remainder to complete the deal.
Bucking the speculations that he faces hardship in the fund-raising to pay out the takeover bid, chairman Kim said, "Our BK consortium has already raised more than US$400 million to complete the deal. We won't use a single penny of the money earned in the sales of BXA tokens to finance the deal."
Blaming unauthorized dealers for promising to sell BXA tokens, but failing to do in what's called as fraudulent sales, he also stressed that Orange Block is the only officially authorized dealer to sell BXA coins.
Touching on his vision for BXA ecosystem, he said that he will accelerate his drive to rally more of exchanges behind the ecosystem to pool more liquidity across his ecosystem partners.
"If cryptocurrency exchanges fail to hit critical mass in its trading volume, the exchange seems like dead. Whether to survive depends on how much liquidity a cryptocurrency exchange will be able to secure," he explained.
"This helps explain why we have established BXA with focuses on rich liquidity," he added.
True enough, immediately after he took over Bithumb, he had established BXA in Singapore to position it as a cooperative network for exchanges across the world.
On the way toward that goal, he plans to invite decentralized exchanges as well as other non-BXA member exchanges to join the BXA network. On top of that, he will go on a spending spree to invest in various foreign crypto-currency exchanges and blockchain-based enterprises - a way to expand the BXA ecosystem. The opening of its mainnet, which is scheduled for the second quarter of 2019, is part of the BXA ecosystem expansion program, too.
Insisting that the sale of BXA token was designed to finance the launch of the mainnet, chairman Kim once again refuted the allegations that it has something to do with his fund-raising plan to pay out the take-over deal of Bithumb.
STO (security token) and OTC(over the counter) markets are what he sees great opportunities. Especially, he has been closely eyeing U.S. STO market. For example, Bithumb signed a deal with U.S. FinTech company SeriesOne to financially and technologically support the U.S. company's STO exchange establishment. Series One is supposed to open STO exchange in the U.S. in the first half of 20191 with the approval of the U.S Securities and Exchange Commission. Bithumb will in charge of the operation of the STO exchange with its technical support. Chairman Kim is known to have major stake in Series One.