Korea's Largest Bitcoin Exchange Sold in $350 Million Deal

Bithumb, currently the largest cryptocurrency exchange in South Korea by trading volume, just confirmed it has sold more than 38 percent of its total ownership to a blockchain consortium based in Singapore, for 400 billion won, or $300 million.

As reported by CoinDesk Korea, 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.

BTC Holdings Company, currently the largest stakeholder of Bithumb, has agreed to sell 50 percent + 1 shares of its 76 percent ownership in the crypto exchange to BK Group – a move that would make the latter the biggest controller of Bithumb when the transactions complete.

The report added that the acquisition deal valued Bithumb at more than 1 trillion won, or around $880 million. Subsequently, Kim Byung Gun, a plastic surgery surgeon and also the chairman of BK Group, will be the largest shareholder of Bithumb.

Based on the report, Kim is also an early cryptocurrency investor, who founded an initial coin offering (ICO) consulting firm and ICO platform in Singapore last August.

The news comes just months after several shareholders of Bithumb revealed the financial numbers of the crypto exchange, which made net profits of about $35 million in the first half of this year, despite a rough June for the firm due to a $40 million hack.

Following a rough Q3 as the firm suspended on account opening due to bank contract issue, which led to a significant drop of its trading volume, Bithumb has seen an increase of trading activities on the platform, with $1.1 billion in the last 24 hours.

Bithumb image via Shutterstock

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