BK Global Consortium Becomes the Majority Shareholder in Bithumb

BK Global Consortium Becomes the Majority Shareholder in Bithumb

A plastic surgery medical group from Singapore will be the new majority shareholders in Bithumb a South Korea crypto exchange. The latter is a cryptocurrency exchange based in South Korea and currently is the largest exchange by trading volume.

According to a press release on CoinDesk Korea, 38 percent of Bithumb will now fall in the hands of BK Global Consortium. The latter is a blockchain investment firm from Singapore and with 38% ownership makes BK Global the majority shareholder in Bithumb. BK Global consists of a group of plastic surgery medical professionals in Singapore led by Kim Byung Gun. Through this new deal BK Global chair Kim becomes the largest shareholder in Bithumb. Besides been the major shareholder Kim is cryptocurrency enthusiast who is an early crypto investor.

Furthermore in Singapore Kim is amongst the first founders of an ICO platform and an initial coin offering consulting firm. The latter firms were formed in August. Apart from the success Kim has had as an early investor in the cryptocurrency field he also runs his hospital. Similarly, besides being an investor in Bithumb exchange Kim has also invested heavily in Hugel Company a Botox-related biotechnology company. Furthermore, he is also an early investor in cryptography.

Value of Bithumb

According to the acquisition reports Bithumb is valued at more than 1 trillion won or 880 million dollars. But for BK Global to acquire 38 percent of Bithumb, the group had to cough out 350 million dollars which is 400 billion won. The new deal was signed on October 11 and makes BK Global a part of Bithumb exchange platform. To arrive at the current sale, BTC Holding Company which owned 76 percent of equity on Bithumb had to part with 50 plus one of its shares to BK Global.

The new acquisition deal by BK Global comes after Bithumb come back from a rocky start in June when they lost $40 million through a hack. With the hack aside Bithumb has realized a net profit of 35% million according to reports from several shareholders. The report of the profits consists of the first half of 2018 alone. Apart from June hack Bithumb also had to suspend new account openings because of a contract issue with a bank. Due to the suspension of new account openings Bithumb trading volume dropped significantly. But according to CoinMarketCap Bithumb recovered from the drop and had a 24-hour trading activity valued at $1.1 billion.