Bithumb takes the leading positions in South Korean cryptocurrency market trading the highest volume of coins. However, a recent announcement may change the situation as 38% of the company ownership is bought by a Singapore blockchain consortium for $350 million.
According to Bithumb representative, signing of the deal took place on October 11 and now a huge part of the company ownership belongs to BK Global Consortium, a firm dealing with blockchain investing.
BTC Holdings Company used to own 76% of Bithumb’s equity but after the deal, 50% and 1 share are now in the hands of BK Group, so it can take the place of Bithumb controller afterwards.
The data provided in the report also says that the total price Bithumb was evaluated at was around $880 million. As a result, the current chairman of BK Group, Kim Byung Gun will hold the biggest number of Bithumb shares.
Why should a plastic surgeon be interested in crypto industry? In fact, Kim has been investing in crypto coins since their introduction and also established an ICO consulting firm and platform in Singapore.
This event takes place only several months after the revealing of financial achievements of Bithumb. The company’s net profits have increased by $35 million for the latest 6 months, though June hack attack has decreased its profits by $40 million too.
Despite a drop in trading volumes cause by the suspension of opening of new accounts, there is a $1.1 billion activity on Bithumb within the latest 24 hours.