South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium



The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.


Bithumb Sold


A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:


South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumThe deal will be finalized in February, Bloomberg further quoted the spokesman. Bithumb’s April audit report shows that BTC Holdings was the largest shareholder, with a 75.99 percent stake in the exchange. The second largest shareholder, Vidente Co. Ltd., held a 10.55 percent stake, followed by Omnitel at 8.44 percent, Chosun detailed.


Kim founded Bk Plastic Surgery 23 years ago and is the representative of the Bk Medical Group, which links China, Singapore and Korea, MTN detailed. He also established an ICO platform in Singapore last August.


About Bithumb


South Korea’s Largest Crypto Exchange Sold to Singapore-Based ConsortiumBithumb is currently South Korea’s largest cryptocurrency exchange by trading volume. According to Vidente, the exchange posted 218.6 billion won of operating profit and 39.3 billion won of net income in the first half of the year, Bloomberg described. Semi-annual reports of BTC Holdings show that Bithumb’s sales reached 303 billion won in the first half of this year.


In addition, News Asia reported that the price which Bk Global paid for Bithumb is lower than the exchange’s $880 million valuation appraised in early February, adding that the consortium’s own valuation of the exchange is even higher, at more than two trillion won plus the management rights premium. The news outlet quoted a Bk Global Consortium official asserting:


In June, Bithumb said it was hacked and 11 cryptocurrencies were stolen. The estimated damage was about 19 billion won. This week, the exchange launched two indices to track the cryptocurrency markets.


What do you think of Bk Global Consortium acquiring the controlling stake of Bithumb? Let us know in the comments section below.






Article source: “https://news.bitcoin.com/south-koreas-crypto-exchange-singapore/”