Bithumb, Korea’s Largest Crypto Exchange Sells 38% Stake For $350 Million

by Arshmeet Hora | Oct 13, 2018 | Cryptocurrency, Cryptocurrency News, Uncategorized

The largest cryptocurrency exchange in South Korea by trading volume, Bithumb just announced that they have sold more than 38 percent of its total ownership to BK Global Consortium, a blockchain consortium based in Singapore.

As per the report published by CoinDesk Korea, the exchange platform has signed a deal with BK Global Consortium, a blockchain investment firm formed by BK Global on Oct. 11. The deal has been finalized for 400 billion won, or $350 million.

The current owner of the 76 percent of Bithumb’s equity, BTC Holdings Company, has agreed to sell off 50 percent + 1 share of the 76% to the BK Group. Upon the completion of the transaction, the BK Group will become the biggest controller of Bithumb. The report further states that the acquisition deal valued Bithumb at more than 1 trillion won($880 million). The chairman of BK Group and a plastic surgeon, Kim Byung Gun will now be the largest shareholder of Bithumb.

Furthermore, the report elaborates that Kim is an early cryptocurrency investor, who started an initial coin offering (ICO) consulting firm and ICO platform in Singapore last August.

Bithumb revealed their financial number a few months back, which illustrated that the crypto exchange has made a net profit of about $35 million in the first half of this year, despite a rough June for the firm after a $40 million hack. Following the hack and a subsequent rough Q#, the firm suspended new account openings due to a bank contract issue, this led to a significant drop in trading volume. According to the data from CoinMarketCap, Bithumb has seen $1.1 billion in activity over the last 24 hours.

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.