South Korean cryptocurrency exchange Bithumb is reportedly entering the Singaporean market via a deal with local crypto platform BitHolic.
News1 Korea reported the news on Thursday, saying that BitHolic changed its name to Bithumb Singapore this month.
While equity structures of BitHolic and Bithumb were not disclosed, the latter is “expected to sell IP to expand its global business," an anonymous industry official told the news source.
Interestingly, BitHolic is represented by Park Jeong Hun, a former director at Bithumb, per the report.
Just earlier this year, Bithumb was hit by yet another hack, losing $19 million worth of EOS and XRP tokens. Last year, the exchange was hacked for nearly $30 million worth of cryptocurrencies.