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,
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
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
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.
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