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COINTURK NEWS > Cryptocurrency Exchanges > Bithumb Prepares for Strategic Business Separation
Cryptocurrency Exchanges

Bithumb Prepares for Strategic Business Separation

In Brief

  • Bithumb Korea announces plan to split business operations.

  • New company Bithumb Investment to oversee specific divisions.

  • Move aims to enhance expertise and management efficiency.

COINTURK NEWS
COINTURK NEWS 1 year ago
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South Korea-based cryptocurrency exchange giant Bithumb‘s operator Bithumb Korea has announced a strategic move to separate its commercial operations. This decision, which is seen as optimizing the feasibility of an upcoming initial public offering (IPO), means a strategic move to increase management efficiency and expertise in various sections.

Contents
Preparing for an IPO?May Also Follow General Trend Among Exchanges

Preparing for an IPO?

According to South Korean media outlet News 1, Bithumb Korea’s move to separate its operations will be followed by the establishment of a new company called Bithumb Investment, which will oversee the holding, investment, and real estate leasing divisions. Meanwhile, as the surviving entity, Bithumb Korea will continue to focus on maintaining and expanding the existing cryptocurrency exchange as its core commercial activity.

Through the separation, Bithumb aims to streamline operations and decision-making processes while enhancing the expertise and efficiency of its business sectors. The cryptocurrency exchange, by isolating its business under the Bithumb Korea umbrella, aims to provide more transparent and stable services to its users and achieve improved management effectiveness.

According to local media reports, an official from Bithumb explained the strategic rationale behind the separation, stating that the new company aims to strengthen the expertise of its business sectors and enhance management efficiency through rapid decision-making. This move indicates that Bithumb is preparing to optimize its business structure in preparation for potential market opportunities, including a possible future IPO.

May Also Follow General Trend Among Exchanges

On the other hand, Bithumb’s decision to separate its commercial operations may be following the general trend among cryptocurrency exchanges, which are increasingly exploring ways to improve operational efficiency and regulatory compliance.

As regulatory scrutiny towards crypto intensifies worldwide, cryptocurrency exchanges are trying to create structures with robust frameworks to overcome regulatory challenges while maintaining user safety, exchange security, and market competitiveness.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 22 March, 2024 - 2:50 pm 22 March, 2024 - 2:50 pm
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