The largest cryptocurrency change in South Korea by buying and selling quantity, Bithumb, has reportedly been bought to a Singapore-based consortium for about 400 billion gained or $354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will purchase the controlling stake and develop into the most important shareholder of Bithumb.
A spokesman for Bithumb confirmed Friday that the change “was sold for about $354 million to a consortium led by a plastic surgeon,” Reuters reported and quoted him saying:
Bk Global Consortium, led by Kim Byung-gun, plastic surgeon and blockchain platform investor, signed a deal on Thursday to purchase 50 % plus one share within the trade’s largest stakeholder, BTC Holdings, for about 400 billion gained ($354.09 million). The deal makes Bk Global Consortium the most important stakeholder of Bithumb.
The deal will probably be finalized in February, Bloomberg additional quoted the spokesman. Bithumb’s April audit report exhibits that BTC Holdings was the most important shareholder, with a 75.99 % stake within the change. The second largest shareholder, Vidente Co. Ltd., held a 10.55 % stake, adopted by Omnitel at eight.44 %, Chosun detailed.
Kim based Bk Plastic Surgery 23 years in the past and is the consultant of the Bk Medical Group, which hyperlinks China, Singapore and Korea, MTN detailed. He additionally established an ICO platform in Singapore final August.
Bithumb is at present South Korea’s largest cryptocurrency trade by buying and selling quantity. According to Vidente, the trade posted 218.6 billion gained of working revenue and 39.three billion gained of internet revenue within the first half of the yr, Bloomberg described. Semi-annual stories of BTC Holdings present that Bithumb’s gross sales reached 303 billion gained within the first half of this yr.
In addition, News Asia reported that the worth which Bk Global paid for Bithumb is decrease than the change’s $880 million valuation appraised in early February, including that the consortium’s personal valuation of the trade is even greater, at greater than two trillion gained plus the administration rights premium. The information outlet quoted a Bk Global Consortium official asserting:
We will even promote the introduction of a secure coin to stabilize the cost system. We will probably be along side the worldwide change scheme to benefit from the coin linked to the US greenback.
In June, Bithumb stated it was hacked and 11 cryptocurrencies have been stolen. The estimated injury was about 19 billion gained. This week, the change launched two indices to monitor the cryptocurrency markets.
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Images courtesy of Shutterstock and Bithumb.
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