Copy link
Increase text size
Decrease text size
Link copied

South Korean crypto exchange Bithumb sold for $350M to Singaporean blockchain consortium

Image: Bithumb (via Twitter)

Fri, 12 Oct 2018, 04:47 am UTC

Leading South Korean cryptocurrency exchange Bithumb has sold over 38 percent of its equity to a Singapore-based blockchain consortium for 400 billion won (approximately $350 million), CoinDesk reported.

The deal was signed on October 11 with BK Global Consortium, a blockchain investment firm established by BK Global Consortium – a Singapore-based plastic surgery medical group.

Under the terms of the deal, BTC Korea Holdings, which currently owns 76 percent of Bithumb's equity, will be selling 50 percent + 1 shares of that 76 percent ownership to BK Global. With this, Kim Byung Gun, the chairman of BK Group, will be the largest shareholder of Bithumb.

“Kim Byung Gun demonstrated his multinational management ability in the field of medical care, fintech, and blockchain in Singapore. He is the right person to pursue the systemization and globalization of the virtual currency exchange,” a representative of the consortium was quoted saying.

Referring to a report from a local news outlet, TheNews.Asia stated that BK Global Consortium will work towards maximizing the potential of the exchange by leveraging its blockchain e-commerce settlement system and stablecoin operation.

Kim has announced his plans to set up a decentralized exchange, ‘Bithumb Dex’, through his Hong Kong subsidiary this month. The new exchange will allow users across the globe to send and receive virtual currency more smoothly.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (btc) $47,861.00 (-3.62%)
  • Ethereum (eth) $1,480.76 (-6.61%)
  • Cardano (ada) $1.17 (+1.09%)
  • Tether (usdt) $0.999023 (-0.24%)
  • Binance Coin (bnb) $223.11 (-7.04%)
  • Bitcoin (btc) $47,861.00 (-3.62%)
Mar 5, 2021 (Friday)
BTC Drops by 1.12% Within 5 Mins, Marking 47,696.6 USDT
BTC Drops by 1.06% Within 5 Mins, Marking 47,629 USDT
BTC Surges by 1.01% Within 5 Mins, Marking 48,082.18 USDT
Thirteenth Batch: OKEx To Delist Multiple Trading Pairs
IOST, Polkadot Join Forces To Build Cross-Chain Transfer Bridge
BTC Tops List Of Crypto Net Outflow With $789.82 Mln In Past 18 Hours
09:49 now has listed ANKR, with ANKR/USDT pair enabled.
Current -12% Grayscale GBTC Discount Means Confidence In Bitcoin Is Fading: Peter Schiff
Huobi Global has now resumed ADA (Cardano) deposits and withdrawals.
Polkadot Ecosystem Parachain, Subgame Received Strategic Investment From Major Capital Companies In Europe & America
Crypto Exchange Bybit To End Trading For UK Customers
Bitcoin Whales Move $1.45 Mln In BTC In Just 24 Hours – Here’s Where The Crypto Is Heading
21Shares AG Expands Market Position With Centrally Cleared Ethereum And Bitcoin Cash ETPs On Deutsche Boerse XETRA
City Of Reno To Create The “Reno DAO” On Tezos And Digitize Famous Art Pieces As NFTS
CNNS Announced To Launch Dogeswap At 07:00 UTC Today
Gnosis Introducing Gnosis Auction
DeFi platform Vesper Finance announced to launch Vesper liquidity mining on the Layer2 DEX Loopring.
Blockchain Association Meeting With Key Biden Staff About Regulations
Goldman Sachs Crypto Survey Shows 22% Of Respondents Expect $100,000-Plus Bitcoin
BTC Drops by 1.01% Within 5 Mins, Marking 46,612.2 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.