Bithumb, a Cryptocurrency Exchange in Korea Sold in $350 Million

Bithumb, right now is the largest cryptocurrency exchange in South Korea by exchanging volume, simply affirmed that it has sold over 38% of its aggregate ownership to a blockchain consortium situated in Singapore, for 400 billion won or $350 million.

As reported by the CoinDesk Korea, Bithumb affirmed the deal was marked on 11th of October with BK Global Consortium, a blockchain investment firm created by BK Global, a plastic surgery medical group in Singapore.

The biggest shareholder of Korea largest cryptocurrency exchange, BISSUMM, has changed to the BK Global Consortium. The sale was a big concern as there been controversy over the company owner because of unclear corporate governance.

Bitsum said on a telephone with Coin Desk Korea, “The BK Global Consortium purchased 50% of Bitsith Holding Organization, the holding organization of Bitsum, and in addition one week for 400 billion won,” Bithis Holding Organization is the biggest shareholder with 76% of Bithim. The BK Global Consortium is created by Kim Byung Gun, BK Group Chairman who is a plastic surgery surgeon.

BTC Holdings Organization, as of now claims 76% of Bithumb’s equity, has consented to offer 50% plus 1 share of that 76% ownership, henceforth 38% plus 1 of Bithumb’s total ownership to BK Group, a move that would make the last the greatest Bithumb controller when the transaction is finished.

The report included that the acquisition deal valued Bithumb over 1 trillion won or around $880 million. In this manner, Kim Byung Gun, a plastic specialist and furthermore BK Group Chairman, will be the biggest investor of Bithumb.

Dependent on the report, Kim is likewise early digital currency investors, who established an Initial Coin Offering consulting firm and ICO platform in Singapore in the month of August.

The news comes only months after a few of Bithumb’s shareholders revealed the crypto trade’s budgetary numbers, demonstrating it made net profits of around $35 million in the first half of 2018, in spite of an unpleasant June for the firm after a $40 million hack.

Following a harsh Q3 as the organization suspended new account opening because of the bank contract issue – which prompted a critical drop in exchanging volume – Bithumb has seen $1.1 billion in action in the course of last some hours, in view of the data from CoinMarketCap.

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