The South Korean cryptocurrency exchange Bithumb has transformed its discontinued subsidiary Bithumb Meta into Bithumb Partners, changing its main business to investment, similar to the investment institution Bithumb sought to establish during its spin-off last year. Industry insiders revealed that Bithumb underwent this name change in the fourth quarter of last year and increased its capital to 30 billion won. Previously, when Bithumb Meta was established, the capital was 29 billion won, and the new capital injection was 1 billion won. Bithumb holds 100% of the shares. LGCNS, CJ Olive Networks, and SK Square, which invested about 10 billion won in Bithumb Meta three years ago, liquidated their shares in the second half of last year. During this time, Bithumb Meta had been engaged in NFT, metaverse, and other businesses, but failed to generate significant performance, losing most of the investment. Bithumb Partners will primarily be responsible for using Bithumb's own funds for short-term debt investments in stocks, bonds, etc., distinguishing it from the subsidiary Bithumb Investment, which is mainly responsible for investing in external companies. Industry insiders pointed out: 'When Bithumb officially implemented personnel restructuring, it proposed an exchange-centered surviving legal entity and a new investment legal entity system, so the establishment of this investment subsidiary seems to be somewhat related. Given that Bithumb has publicly announced that it will conduct an IPO this year, the market is highly concerned about how its establishment of subsidiaries and other initiatives will progress.' (BizWatch)