April 19, 2024

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[THE INVESTOR] BTC Korea.com, operator of Korea’s major cryptocurrency exchange Bithumb, on Feb. 5 denied speculations that it will establish a new venture capital firm under its business. 

Earlier in the day, local media outlets reported that Bithumb is hiring new talent under its investment business division to create a new venture capital unit. The firm has been looking to fill three positions: a junior manager, senior manager and managing partner with backgrounds from venture capital and private equity firms that have a great amount of deal experience.

“At the moment, we don’t have plans to establish a separate venture capital unit,” a spokesperson for Bithumb told The Investor. “We are hiring people with VC and investment experience for our businesses within the company.

Industry watchers say BTC Korea is aiming to actively invest in the coming years to make use of its piled up cash, thanks to huge transaction fees following Bitcoin’s meteoric rise here. Bithumb is estimated to have made earnings of more than 300 billion won (US$267 million) last year. 

Lately, Bithumb has been on a hiring spree to accommodate its rapid growth. Bithumb, which already has about 450 workers, is planning to hire an additional 400 full-time employees by the end of this year. The jobs range from financial technology to marketing, advertisement, information technology development, web design, overseas sales, finance and investment to customer service, among others. 

By Ahn Sung-mi (sahn@heraldcorp.com)