Crypto Exchange Bithumb Sells Stake To Singapore-Based Blockchain Investment Firm For $354M USD

News | October 12, 2018 By:

South Korean cryptocurrency exchange Bithumb has reportedly sold over 38 percent of its equity to Singapore-based BK Global Consortium for 400 billion won ($354 USD).

BK Global Consortium, a blockchain investment firm led by plastic surgeon Kim Byung-gun, signed a deal on Thursday to purchase 50 percent plus one share from BTC Korea Holdings, which currently owns 76 percent of Bithumb’s equity. The deal makes Kim the largest stakeholder of the South Korean exchange.

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

BK Global Consortium will reportedly maximize Bithumb’s know-how and potential to further develop blockchain technologies. The consortium is planning to open a decentralized exchange, dubbed Bithumb Dex, through its Hong Kong subsidiary this month to allow users across the globe to send and receive cryptocurrency more smoothly.