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Bithumb, sold to BK Global Consortium for $352.5 mn

2018-10-12

  

 

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


BK Global Consortium led by Kim Byung-gun, chairman of BK Group, aims to maximize the potential of the exchange by applying its blockchain eCommerce settlement system and incorporating the U.S. dollar-linked Stable Coin designed to substantially reduce commissions on the existing settlement system.

According to an industry sources on Thursday, BK Global Consortium signed a definitive contract in Singapore to purchase 51 percent interest from BTC Korea Holdings, the largest shareholder of Bithumb, and paid an upfront fee of $10 million.

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

Dr. BK Kim also doubles as the chairman of Singapore ICO Platform. His consortium plans to deposit an additional $40 million within two weeks and finalize the transaction by December. Kim runs a plastic surgery clinic as well as the Singapore BK Medical Group Hospital and has gained a lot of profit from investing in BIT Computer, Hugel and other promising companies.

“Kim has demonstrated his multinational management ability in the field of healthcare, fintech, blockchain and biotech firms. He is the most fitting person to pursue the systematization and globalization of the virtual currency exchange,” said a consortium official.

Early this year, Bithumb was rumored to be sold to the Korean game developing company, NetMarble, before its ownership structure had been questioned. The latest transaction will clarify the ownership structure and ensure reliability and transparency, providing a foundation for responsible management, said another source.

 

Source : Maeil Business News Korea

 

Data : October 12, 2018

 

Author: Lee Seung-yoon and Minu Kim

 

Link : https://pulsenews.co.kr/view.php?year=2018&no=635931

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