No Public Sale for Bithumb Tokens

As reported in NewsOne this afternoon in Seoul, BK Group and Byunggun Kim publicly confirmed the private sale of 20 billion Bithumb Tokens (BXA) which were released in October of this year. The tokens are being sold by Singapore-based investors, Orange Block.

BXA tokens are expected to be used on a platform developed by Bithumb. The use-case for the tokens is to serve as a payment solution for the Singaporean e-commerce trading market. There are already 12 sites pledging intent to utilize the tokens. Alliances are quickly expanding to include adoption of the token.

According to a BK Group official, the private sale is expected to close soon and there will reportedly be no further releases of the tokens on other platforms, including BK Group’s own Bithumb cryptocurrency exchange. There has been mounting speculation that unsold tokens will be released on the exchange.

The wallet which is holding the BXA tokens for sale indicates that 350 people or institutions have purchased BXA tokens by the time of this release, and most of them are overseas institutional investors.

Byunggun Kim, chairman of BK Group, said on December 27 that he did not plan to sell the remaining BXA tokens to the domestic market.

Bithumb’s trading volume has dropped dramatically in the past several months. It currently sits well below the top-100 rankings of global exchanges by volume. Especially during the bull market in late 2017, Bithumb was regularly ranked in the top-10 of exchanges by volume.

Bithumb was  acquired by Singapore consortium BK Group in early October of this year.