S.Korea Crypto Exchange Bithumb Sold for $354 mln to Singaporean Consortium

S.Korea Crypto Exchange Bithumb Sold for $354 mln to Singaporean Consortium

cryptocurrency exchange News
October 12, 2018 by Sandra Onyeiwu
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Korea’s leading cryptocurrency exchange, Bithumb, has been sold to Singapore-based BK Global Consortium for about 400 billion won ($352.5 million), industry insiders said Friday. Bithumb confirmed the deal was signed on Oct. 11 with BK Global Consortium, a blockchain investment firm formed by BK Global, a plastic surgery medical group in Singapore. TC Korea Holdings
Bitzamp


Korea’s leading cryptocurrency exchange, Bithumb, has been sold to Singapore-based BK Global Consortium for about 400 billion won ($352.5 million), industry insiders said Friday.

Bithumb confirmed the deal was signed on Oct. 11 with BK Global Consortium, a blockchain investment firm formed by BK Global, a plastic surgery medical group in Singapore. TC Korea Holdings had owned a 75.99 percent stake in Bithumb.

The contract is expected to help the Singaporean entity maximize Bithumb’s know-how and potential to further develop blockchain technologies, the insiders said.

Under the new deal, which officials hope to finalize in the coming month, BK’s leader, plastic surgeon and investor Kim Byung-gun, will go from the exchange’s fifth-largest to the main shareholder.

Through this deal, Kim, will become the largest Korean shareholder of Bithumb. The consortium will buy shares from 14 major shareholders including the largest owner.

The BK consortium is an investment group led by Kim Byung-gun, a high-profile plastic surgeon who founded BK Plastic Surgery Hospital, a major clinic in Seoul that also has operations in Singapore.

With the investment, BK Global Consortium seeks to reduce commissions of the current e-commerce settlement system using Bithumb’s blockchain-based platform.

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