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Bithumb may invest 10 billion won in Busan blockchain zone

Bithumb Korea is considering a 10 billion won investment in Busan’s regulation-free special zone through its GCX Alliance cryptocurrency exchange. It is planning to set up a global integrated exchange in Busan. New Year’s announcement On Jan. 1, the Ministry of SMEs and Startups said Bithumb is reviewing a 10 billion won investment in the regulation-free zone in Busan through its GCX (Global Crypto eXchange) Alliance subsidiary. GCX Alliance is a global integrated exchange created in cooperation with local and overseas cryptocurrency exchanges. The exchange provides a one-stop service for transactional contracts, payments and custody by creating liquidity through shared order books of its members. GCX Alliance services were to be introduced in 2019, but they are not available yet. Bithumb in Busan Busan was selected as a blockchain special zone by the Ministry of SMEs and Startups in July last year. Companies that were chosen to operate within the Busan blockchain zone included the Coinplug cryptocurrency exchange. However, the business that was selected was the blockchain-based public safety video report services. Cryptocurrency exchange businesses were not chosen. Bithumb is likely to push on with the cryptocurrency financial business with its investment in Busan. In October, Bithumb changed its name to Bithumb Korea and announced of establishment of an integrated exchange. The company in November has applied to participate in a study to find new businesses for Busan’s blockchain regulation-free zone led by the Korea Internet and security Agency (KISA). The company at the time did not offer details as to its business plan. To open an integrated exchange in Busan, Bithumb needs to first overcome the Korean government’s negative view on cryptocurrency. It still needs to discuss with the Korean financial authorities several issues, including the issuance of accounts under real names.

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