Bithumb, the second-largest cryptocurrency speech successful South Korea, is actively preparing for an archetypal nationalist offering (IPO) connected the KOSDAQ market, the country’s mentation of the NASDAQ successful the United States, section quality outlet Edaily reported connected Nov. 12.
Additionally, determination is contemplation astir a imaginable modulation to the much prestigious KOSPI market.
Bithumb’s strategical maneuvers underscore its ambitions to regain marketplace supremacy and solidify its lasting arsenic a formidable subordinate successful the rapidly evolving cryptocurrency market.
According to reports, the archetypal nationalist offering (IPO) is anticipated to instrumentality spot during the second information of the twelvemonth 2025.
Bithumb Aims To Surpass Upbit’s Dominance In The South Korean Crypto Market
This determination is chiefly fueled by a competitory thrust to situation Upbit, the starring speech successful South Korea, which presently boasts an overwhelming 85% marketplace share.
With a 10% marketplace stock astatine the moment, the speech is putting itself successful a presumption to regain prominence successful the cryptocurrency trading industry.
At Bithumb, organizational reorganizations are taking spot successful beforehand of the archetypal nationalist offering. The erstwhile president and important stakeholder, Lee Jeong-hoon, has returned to progressive oversight by joining the committee of Bithumb Holdings.
Given that helium purportedly promised to workout much liable management, immoderate person viewed his reinstatement arsenic a manager arsenic grounds of his dedication to accountable leadership.
As of today, the marketplace headdress of cryptocurrencies reached $1.17 trillion. Chart: TradingView.com
In the meantime, allegations of encouraging coin listings led to the removal of CEO Lee Sang-jun from the board. Jaewon Lee, who serves arsenic the CEO of Bithumb Korea, volition present co-manage the CEO duties astatine Bithumb Holdings.
Claims Of Dirty Crypto Trading
In May, Upbit and Bithumb came nether scrutiny arsenic South Korean officials conducted raids connected their premises owed to allegations of illicit cryptocurrency trading connected behalf of a section legislator.
In February, Kang Jong-hyun, a important stakeholder successful Bithumb, was apprehended connected allegations of embezzlement aft an extended constabulary enquiry into his purportedly unlawful conduct.
South Korea’s Dynamic Crypto Skyline
Bithumb has chosen Samsung Securities arsenic the underwriter for its archetypal nationalist offering. This enactment is accordant with their program to retrieve from scandals and regulatory hurdles that person weakened their marketplace position.
According to CoinGecko data, Bithumb was established successful 2014 and presently maintains a 24-hour trading measurement of astir $580 million.
South Korea’s cryptocurrency marketplace is simply a dynamic unit globally, driven by a tech-savvy colonisation and robust infrastructure. Major exchanges similar Upbit and Bithumb person established the state arsenic a important player.
The regulatory environment, balancing innovation and capitalist protection, contributes to a vibrant market. South Korea’s progressive engagement successful blockchain and integer currencies, from businesses to authorities initiatives, underscores its power successful the evolving planetary crypto landscape.
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