RATE Group | Korea’s Largest Bitcoin Exchange Sold in $350 Million Deal
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Korea’s Largest Bitcoin Exchange Sold in $350 Million Deal

12 Oct Korea’s Largest Bitcoin Exchange Sold in $350 Million Deal

Posted at 05:12h in Bitcoin News by

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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 $350 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 transaction is 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 surgeon and also the chairman of BK Group, will be the largest shareholder of Bithumb.

Based on the report, Kim is…

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