Bithumb Mobile Wallet Subsidiary ‘Rotonda’ Raises KRW 5 Bn Foreign Investors

Bithumb's web3 Wallet subsidiary 'Rotonda' successfully raised KRW 5 Bn

Cryptocurrency exchange Bithumb announced on September 26th that its Web3 Wallet subsidiary ‘Rotonda’ successfully raised KRW 5 Bn through a consortium of Global strategic and financial investors in the blockchain industry.

The consortium members include; CasperLabs a leading blockchain software developer for the enterprise market with a focus on blockchain scalability, Willoughby Capital, a multistrategy investment firm with successful early investments in Coupang and Coinbase, and blockchain-focused VCs Hashkey Capital and Red Rock Capital Holdings LCC, which hold investments in renowned blockchain companies such as Animoca Brands, FTX among others.

Rotonda will be launching its much-anticipated user-friendly Web3 Wallet service, Burrito Wallet, this coming November, which will comply with the newly implemented travel rule regulations in Korea. As a result, Burrito Wallet will provide smooth access to the Web3 for Korean users without the need to get its address whitelisted at Bithumb.

Rotonda is backed by key domestic strategic investors in the financial and gaming industry which include the top securities brokerages such as; NH Securities, Samsung Securities, Industrial Bank of Korea Securities (IBK Securities), and major game developer Wemade Entertainment (WEMIX) which are expected to bring synergies into Burrito Wallet’s services.

Upon its successful launch in Korea, Burrito Wallet is expected to make inroads into other regions with the backing of its global investors and key partners in the blockchain industry.