The largest cryptocurrency exchange in South Korea according to our DC Forecasts crypto news site – has recently confirmed that it sold more than 38% of the total ownership to a blockchain consortium based in Singapore. The amount was 400 billion won, or $350 million.
As CoinDesk Korea first reported, Bithumb confirmed the deal on October 11th with the company named Global Consortium, a blockchain investment firm formed by BK Global, a plastic surgery medical group in Singapore.
BTC Holdings Company owned 76% of Bithumb before agreeing to sell 50% + 1 share of the 76% ownership to BK Group – a move that made the latter the biggest controller of Bithumb when the transaction was completed.
The report also added that the acquisition deal valued Bithumb at more than 1 trillion won, which is roughly $880 million. The plastic surgeon and chairman of the BK Group, Kim Byung Gun, will be the largest shareholder of Bithumb.
The news comes months after several shareholders at Bithumb revealed the crypto exchange’s financial numbers, showing that it made net profits of about $35 million in the first half of the year, despite the rough month of June when the exchange experienced a $40 million hack.
However, Bithumb seems to be stable now, seeing $1.1 billion in activity over the last 24 hours, based on data from CoinMarketCap.
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