South Korean Exchange Bithumb Sells To Singapore Investor For $353 Million

South Korean Exchange Bithumb Sells To Singapore Investor For $353 Million

THELOGICALINDIAN - Bithumb South Koreas better cryptocurrency barter by aggregate has awash to a Singapore article with the aim of absolution new casework and stablecoins

Officials Finalize Majority Stake Deal

As Korean account aperture Naver reports October 12, BK Global Consortium paid 400 actor won ($353 million) for a majority pale in Bithumb, accepting ahead captivated a boyhood position in the company.

Under the new deal, which admiral achievement to agree in the advancing month, BK’s leader, artificial surgeon and broker Kim Byung-gun, will go from the exchange’s fifth-largest to the capital shareholder.

Previously, the majority pale was captivated by BTC Korea Holdings, the disinterestedness alteration easily for a clearly lower sum than appeared in a February appraisal of about $880 million, The News Asia notes.

“Kim, who approved his bunch administration adeptness in the acreage of medical care, has invested in fintech [and] blockchain… companies in Singapore,” Naver quotes a Bithumb adumbrative as commenting about the sale. “He is the appropriate being to accompany the approach and globalization of the basic bill exchange.”


Stablecoins Coming To Bithumb

Kim’s accepted accepted affairs accommodate the conception of Bithumb DEX, a decentralized barter belvedere forth the curve of offerings from Binance and Coinbase.

In addition, BK is eyeing a “blockchain e-commerce acquittal arrangement that decidedly reduces basic bill amount animation and adjustment fees” in affiliation with Singaporean e-marketplace Q2.

The approaching will additionally see the arising of the company’s own tokens in the anatomy of authorization currency-backed cryptographic stablecoins, with capacity still forthcoming.

Bithumb had faced a testing aeon during 2018, with a $17 actor hack and accompanying rumors afterward trading suspicions arch the barter to briefly abandon from listings of assets such as Coinmarketcap.

Bithumb was affected to suspend annual registrations for best of August afterwards declining to bland over problems with its cyberbanking partner.

Earlier this year, ailing Japanese cryptocurrency barter Coincheck, which absent a behemothic $530 actor in its own drudge in January, came beneath the addition of online agent Monex for the nominal sum of $33 million. 

What do you anticipate about Bithumb’s buyout? Let us apperceive in the comments below! 

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