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South Korean crypto exchange Bithumb plans to break ground next year on a new headquarters in Seoul’s Daechi-dong area of Gangnam District, with the project expected to rise as high as 22 stories, according to Ttangjipgo.
The roughly 450 billion won ($321.9 million) project will be financed entirely with cash. In a public notice detailing the project’s structure and timeline, the Seoul city government said the development will be carried out solely by Bithumb rather than through an SPC or PFV structure, and will be funded with 100% equity using retained earnings and profits generated from operations. As a result, no debt repayment plan was submitted, the notice said.