Bithumb sold!

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A leading South Korean exchange Bithumb, just sold the majority of their company shares to a new investor. The price for this deal has been rumored to be around $350 million. Interestingly enough, the investor is a medical organization based in Singapore, which specializes in plastic surgery, called BK Global Consortium, led by Dr. Kim Byung Gun who is a well-known cryptocurrency investor. BTC Korea Holdings up until now controlled 76% of the company’s shares, thus being the largest stakeholder of Bithumb, and after this deal, they have agreed to sell 50% plus 1 share for approximately $350 million. With this deal, Bithumb was valued at around $880 million.

The information on this deal is very fragmented, as some news write that BK Global Consortium had acquired only 38% of the shares, but when digging deeper, it turned out not to be true. Basically, Bithumb has sold their company to BK, and some are speculating, that this had been done due to a hack which happened earlier this year when Bithumb lost $30 million in cryptocurrencies, which they paid back to their customers. This hack created a huge setback for Bithumb and that could be one of the main reasons why Bithumb is changing owners.

The new owner – BK Global Consortium, with its chairman Dr. Kim Byung Gun, who is an early cryptocurrency investor, who previously had made an ICO consulting firm and an ICO platform in Singapore, is claimed to have huge plans for Bithumb.

First, there are rumors that he is planning to open a Bithumb DEX (Decentralized Exchange) later this month, which would create a competition for Binance, StellarX and Coinbase.

Secondly, BK Consortium is planning on creating a partnership with an e-marketplace based in Singapore, to “develop a blockchain e-commerce payment system that significantly reduces virtual currency price volatility and settlement fees.”

The current Bithumb owners BTC Korea Holdings probably saw the bright ideas of Kim and his connections around Singapore and figured that the Company would be better in his hands, as he has a wide range of experience in a lot of business fields. A representative of the consortium shared his thoughts on this: “Kim Byung Gun demonstrated his multinational management ability in the field of medical care, fintech, and blockchain in Singapore. He is the right person to pursue the systemization and globalization of the virtual currency exchange.”

There are some rumors that eventually Bithumb might release their own crypto token, to ease the use of the planned platform, but the details on this are still to come.

Source:

https://goo.gl/bJKovy
https://goo.gl/S6C1vR
https://goo.gl/cQ4QPQ
https://goo.gl/S6C1vR
https://goo.gl/gjFMCi

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Ripple is being pushed as the official currency of the 2020 Olympics.

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An online petition has been found on change.org to make Ripple (XRP) the official cryptocurrency of the Tokyo Olympics 2020. The petition has been started quite a while ago, judging by the updates section in their petition page, it looks like it has been live for almost a year, since the previous update was 9 months ago, saying that 3000 people support this idea. Now, 9 months later, they have finally reached near 10 000 supporters. The goal is to reach 15 000. 

The main reason for an official Olympic cryptocurrency is the fact that every time a world wide event like the Olympics is happening, tourists come streaming into the country and head straight to the currency exchange points, and the local currency skyrockets, says in the petition. Beijing 2008 and Rio de Janeiro 2016 is an example, where a lot of tourists were confused by the exchange rates and the language barrier didn’t help either.

An official world wide cryptocurrency would most definitely be the solution for such an issue, but whether it will be Ripple, and whether it will be in the hands of only 15 000 people supporting this, I don’t know, but as a solution, that would be very practical.

What do you think? Should the Olympics have an official cryptocurrency?

Source:

https://goo.gl/2CLQBv

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