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

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.