Bithumb Launches Spinoff as Part of IPO Bid as More Banks Join Stablecoin Union

2025-07-02 23:41:23

Main Idea

Bithumb is advancing its IPO plans through a spinoff, while Busan Bank joins a stablecoin initiative, reflecting broader trends in South Korea's crypto and blockchain sectors.

Key Points

1. Bithumb's spinoff, tentatively named Bithumb A, has been approved by the FSC and aims to act as a holding company to optimize growth and secure investor confidence.

2. Bithumb's ownership structure involves multiple stakeholders, including Bithumb Holdings, DAA, Vidente, and BTHMB, with some ownership details remaining unclear.

3. Busan Bank has joined the Open Blockchain/DID Association (OBDIA), a blockchain-focused group, to contribute to stablecoin development in South Korea.

4. OBDIA includes major banks like Kookmin, Shinhan, Woori, Nonghyup, and IBK Industrial Bank, alongside neobanks K Bank and Toss Bank.

5. Busan Bank highlights its experience with the blockchain-powered stablecoin Dongbaekjeon as valuable for future stablecoin projects, pending regulatory clarity.

Description

The South Korean crypto exchange Bithumb is set to launch a spinoff company as it pushes ahead with an initial public offering (IPO) bid . The trading platform has indicated that it is still on track to debut on the KOSDAQ exchange in the first half of 2026. However, South Korean market insiders are reportedly wary about lingering ownership questions ahead of the potential launch. Meanwhile, more domestic banks are joining a stablecoin alliance with a view to co-launching KRW-pegged tokens. Bith...

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