Bitholic Changes Its Name to Bithumb Singapore Amid Expansion

Bitholic, a cryptocurrency based in Singapore, has changed its name to Bithumb Singapore this month. Bithumb cryptocurrency exchange based in South Korea.

Local media News1 Korea reported the development on August 8. The report said that the name change is part of overseas expansion for Bithumb. However, the news outlet underscores that Bithumb’s equity structure remains unknown.

As per the announcement, the exchange’s name change happened sometime this month. Additionally, a Bithumb official supposedly affirmed with the outlet that “Bitholic plans to launch a coin trading business under the name of Bithumb Singapore.”

At the time of writing, however, Bitholic’s site appears to hold its name for now.

The report also underscores that Bitholic is represented by Park Jung-hoon, who is a former director of the Bithumb Strategic Planning Office.

Back in October last year, the BK Global Consortium obtained a majority share in Bithumb for $354 million, The Business Times reported. The leader of BK Global, Kim Byung-gun, is reportedly a plastic surgeon who manages clinics out of both South Korea and Singapore in addition to investing in blockchain projects.

As reported in June, Bithumb faces lawful action for inadequate safeguards of its clients’ personal data. The prosecutors in the case alleged that an information breach was to blame for a platform hack that cost clients nearly $7 million. These attorneys affirmed that Bithumb stored its customers’ information on employee computers with no encryption or security update software.