A South Korean-based cryptocurrency exchange is reportedly planning to conduct an initial public offering (IPO) in 2025.

In a new report, South Korea’s business publication Edaily says that Bithumb, which began operations in 2014, plans to go public in the second half of 2025.

According to the report, Bithumb has picked Samsung Securities, a subsidiary of the Samsung Group, as the IPO’s underwriter. While Bithumb has yet to confirm its plans to go public, the firm told Edaily that “it is true that we have selected an underwriter.”

Funding appears to not be the primary reason why the Seoul-based crypto exchange is looking to go public. Edaily reports that the IPO is geared toward increasing the firm’s market share and catching up to its top domestic competitor, Upbit. According to CoinMarketCap, Bithumb is the 13th-largest crypto exchange in the world in terms of trading volume, while Upbit sits at number 11.

Through the IPO, Bithumb reportedly hopes to improve its image and increase trust in the crypto exchange in an effort to attract more users.

Ahead of the possible IPO, the crypto exchange’s former chairman Lee Jeong-hoon is making a comeback after taking up a board seat as a registered director, according to a source familiar with the matter.

Generated Image: Midjourney

The post Crypto Exchange Bithumb Gearing Up To Go Public on Korean Stock Market: Report appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 14, 2023 8:12 pm