Bithumb Crypto Exchange Could Go Public in U.S., After a Successful Reverse Merger

by | Jan 23, 2019 | Cryptocurrency, Cryptocurrency News

Bithumb | Crypto Exchange| Reverse Merger

Blockchain Exchange Alliance, a Singapore-based holding firm, who has a controlling stake in major crypto exchange Bithumb, is planning to get listed in the United States via acquiring a publicly traded company in the country.

 According to a CNBC report published on Jan. 22,  Blockchain Industries, a publicly-traded holding company in the U.S. has announced that it had a binding letter of intent with Blockchain Exchange Alliance. The reverse merger, i.e. acquiring a publicly-traded company is definitely a faster way to take a company public in comparison to a traditional Initial Public Offering (IPO).

If the reverse merger is successful, it would be the first instance of a cryptocurrency exchange going public. An unnamed source informed the publication that Blockchain Exchange Alliance has had considered filing a public offering in Singapore, but it did not want to go through the two-year waiting period to complete an IPO.

The source further adds that the merger will eventually “up-list” from over-the-counter (OTC) markets to the New York Stock Exchange or Nasdaq. Mike Novogratz, a well-known crypto bull and an ex-hedge fund manager at Fortress Investment Group, used a similar approach, reverse merger to list his crypto investment bank on the Canadian stock market in 2018.

Novogratz firstly bought a crypto start-up called Coin Capital and then went ahead with a reverse takeover with Canadian shell company Bradmer Pharmaceuticals. Subsequently, the company was renamed as Galaxy Digital Holdings.

Read more: Switzerland’s Falcon Private Bank To Offer A Comprehensive Crypto-Fiat Wallet

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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