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

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.