The reverse merger could take Bithumb Crypto Exchange Public in the United States.

The Singapore-based holding company Blockchain Exchange Alliance, which holds a controlling stake in Bithumb, a major cryptographic company, seeks to list itself in the United States by acquiring a publicly traded company in the United States. the country, CNBC announced on January 22.

According to CNBC, a publicly traded holding company called Blockchain Industries has announced that it has signed a letter of intent with Blockchain Exchange Alliance. The acquisition of a publicly traded company, or so-called reverse merger, may provide a faster way to make a company open to the public compared to a conventional initial offering (IPO).

If the reverse merger were to succeed, it would be the first case of public exchange of cryptocurrency.

An unidentified source told CNBC that Blockchain Exchange Alliance had considered filing a bid in Singapore, but did not want to wait two years before launching an initial public offering. The sources added that the merged company will eventually "settle" in over-the-counter markets to the New York Stock Exchange or Nasdaq.

Mike Novogratz, a former hedge fund manager of Fortress Investment Group and a well-known crypto-bull, also used a reverse merger to list his crypto-investment bank on the Canadian stock market in 2018.

Novogratz purchased a cryptographic start-up called Coin Capital and merged through a reverse takeover with Canadian front-office company Bradmer Pharmaceuticals. The company was subsequently renamed and listed on the TSX Venture Exchange under the name of Galaxy Digital Holdings.

Bithumb has recently been the subject of controversy after denying allegations of falsification of trade volume. CER Cryptocurrency Analysis and Analysis Service has accused Bithumb of having simulated up to 94% of its trading volume since the end of the summer of 2018.

In response to the accusations, Bithumb reportedly said, "Bithumb is not doing anything to inflate the volume of trade." Bithumb is not selling a mint-based coin.Bithumb is trying to get more customers by offering various promotions like "Any other company in the world – normal business."