Crypto exchange Bithumb confirmed that it has signed a $350 million deal with BK Global Consortium, on October 11. The exchange has reportedly sold more than 38 percent of its total ownership to the blockchain consortium, based out of Singapore. BK Global Consortium is a blockchain investment firm that is formed by a plastic surgery medical group, BK Global.
Presently, 76 percent of Bithumb’s equity is owned by BTC Holding Company. The company has agreed to sell 50 percent + 1 shares out of that 76 percent ownership to BK Global Consortium. With this move, the latter would become the biggest controller of Bithumb. Kim Byung Gun, who is a plastic surgery surgeon, formed the BK Global Consortium. He is the chairman of the BK Group.
This acquisition deal valued crypto exchange Bithumb at more than 1 trillion Won that amounts to around $880 million. Kim Byung Gun, who is a plastic surgeon from Seoul National University College of Medicine, operates his own hospital and has invested huge assets in Hugel, a Botox-related biotechnology company.
Kim Byung Gun who was interested in blockchain earlier was also an early investor in cryptography. He founded the ICO consulting firm ICO platform in Singapore last August, as stated in the CoinDesk Korea report.
The news of this acquisition comes months after a lot of crypto exchange Bithumb’s shareholders revealed that the company has made net profits worth $35 million in the first half of 2018. The exchange made this huge profit despite a rough June for the firm after it faced a $40 million hack. The firm also had to suspend new account openings due to a bank contract issue which led to a significant drop in trading volume in Q3, as reported on CoinDesk. Over the last 24 hours, Bithumb has seen $1.1 billion in trading activity based on data derived from CoinMarketCap.
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