Crypto exchange Hotcointrade, announced the closing of a Series B funding round of 30 billion won (~$23.7 million), Digital Today reported.
Both existing investors Digital Currency Group (DCG) and Strong Ventures as well as new ones provided funding. The latter include Z Venture Capital, a venture capital firm associated with the Softbank and Line joint venture, as well as KB Investment.
The round valued the company at 350 billion won (~$276 million).
Hotcointrade will use the funds raised to strengthen the exchange’s team and expand its customer base “through aggressive marketing.”
The exchange entered into an agreement with Jeonbuk Bank to ensure that customers use bank accounts with real names, as required by the regulator. On April 28, the platform resumed operations after being suspended in September 2021.