Home News Exchange South Korean Exchange, Bithumb Sold for $354 Million

South Korean Exchange, Bithumb Sold for $354 Million

October 12, 2018 13:20
|
Share with your friends

In what will come as a setback to the South Korean cryptocurrency community, the exchange, Bithumb has been sold to a consortium led by a plastic surgeon for a sum of $354 million.

Earlier, a news report published by news portal CoinDesk had covered the deal stating that Bithumb confirmed the deal was signed on October 11 with BK Global Consortium, a blockchain investment firm formed by BK Global, a plastic surgery medical group in Singapore. On the occasion, the company had confirmed the news to the portal stating, “The BK Global Consortium bought 50 percent of Bitsith Holding Company, the holding company of Bitsum, plus one week for 400 billion won.

Advertisement

The surgeon who bought the company is an early investor cryptography, who was interested in the blockchain earlier, and had founded the ICO consulting firm ICO platform in Singapore last August.

Bithumb had further added, “The consortium has evaluated the value of Bitsum over 1 trillion won and signed an acquisition contract for about 400 billion won. The consortium is a global block-chain investment group led by Singapore-based BK Group. Through the business link with Bitsum, we plan to create Bitsum and synergy in various aspects such as settlement platform construction and the creation of a cryptographic ecosystem. We will maintain our existing business system with the BK consortium and lead the way in promoting new businesses based on a global network and creating a sound password ecosystem.”

Last month, it was reported that Bithumb had a counterfeit volume each day of up to $250 million since 25th August.

Liked what you read? Join us on Telegram

A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

LEAVE A REPLY

Please enter your comment!
Please enter your name here