Singaporean Consortium Acquired Majority Interest Of Bithumb For $350
Bithumb, the largest South Korean exchange in terms of trading volume sold more than 38% of company’s stocks to Singaporean BK Global Consortium. The deal is done for 400 billion Won ($350 million), reports CoinDesk.
As the Bithumb representatives have proved, an agreement was signed on October, 11th. According to its conditions, BTC Holdings Company which has 76% of Bithumb’s capital sold 50%+ 1 stock to Singaporean company, due to this, the latter becomes the largest exchange’s stockholder.
Bithumb’s evaluation is 1 trillion won (about $880 million).
BK Global Consortium is an blockchain industry-focused investment department of BK Global, medical company specialized in plastic surgery. Chairman of BK Group and plastic surgeon Kim Byung-gun is also an early cryptocurrency investor. He founded an ICO consulting firm and an ICO platform in Singapore.
Bithumb’s net profit for the first six months of 2018 is about $35 million.