South Korea’s Largest Crypto Exchange Bithumb Sold For $353 Million

Singapore-based BK Global Consortium has bought more than 50 percent stake in South Korea’s largest cryptocurrency exchange Bithumb for a fee of around $353 million.

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Singapore-based BK Global Consortium has bought more than 50 percent stake in South Korea’s largest cryptocurrency exchange Bithumb for a fee of around $353 million.

Seoul-led plastic surgeon buys Bithumb

A consortium led by a prominent Seoul plastic surgeon Dr. Kim Byung Gun has ventured into the cryptocurrency industry after it purchased 50 percent plus one share of BTC Holding Co. – the largest investor in Bithumb’s operator.

The deal was worth about 400 billion won, according to reports by local media outlet Naver yesterday, October 12.

The report added that BK Global is already one of the largest shareholders of BTC Holding. They further added that the transaction for the sales would be finalized by February next year, citing industry sources for the information.

Following this acquisition, BK Global would now become the largest shareholders at BTC Holding, a position that was previously occupied by BTC Korea Holdings.

Naver quotes a Bithumb representative stating that Kim who has already proven his managerial abilities in the medical sector has now decided to venture into the Fintech industry.

The source added that he believes Kim is the right person to push the crypto exchange forward.

Dr. Kim Byung Gun is not new to the cryptocurrency world as he also established an Initial Coin Offering (ICO) analysis firm in Singapore last year. The firm was established to help prospective investors distinguish between scams and projects that are legit.

He established the firm due to concerns he had about the prevalence of Ponzi schemes and other fraudulent offerings in the space, according to the Korea Joongang Daily profile that was published back in May.

Bithumb could launch a stablecoin

The sources added that Kim is planning to launch Bithumb DEX, something that industry leaders like Binance and Coinbase have also announced that they would launch.

The report further added that Kim is aiming to establish a blockchain e-commerce payment system which would be expected to drastically reduce the price volatility of cryptocurrencies and their settlement fees.

This development would be carried out in collaboration with Singaporean e-marketplace Q2.

Bithumb records gain despite earlier hack

Bithumb is one of the cryptocurrency exchanges in South Korea to have seen their security breached by hackers this year.

The exchange has more than 1 million customers but suffered a devastating hacking attack a few months ago, which led to the hackers carting away with more than $30 million worth of cryptocurrencies.

Despite the hack, the exchange reported that it has made net profits of about $35 million in the first half of this year.

The exchange was forced to suspend the openings of new accounts in the third quarter of the new due to a bank contract issue which led to its trading volume dropping massively during that time period.

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