Singapore Consortium Gains $350 in Korea’s Biggest Bitcoin Exchange

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Bithumb soon emerged as South Korea’s largest cryptocurrency exchanges as retail investors took to adopting cryptocurrencies in the following years. According to data from CoinMarketCap, Bithumb reported a transactional volume of $1.2 billion in cryptocurrency trading over a 24-hour period, making it the world’s second-largest crypto exchange at the present time launched in June 2016, South Korea’s largest cryptocurrency exchange by trading volume, Bithumb, has seen a  Singapore-based blockchain consortium become its majority owner in a $350 million deal.

It was reported by Korean Publication, BTC Holdings Company, which was Bithumb’s biggest stakeholder until Thursday with a 75.99% stake finalized an agreement to sell 50 percent plus one stake for 400 billion won (approx. $352 million) with BK Global, a Singaporean consortium.

Bithumb’s acquisition comes after a tumultuous year for the exchange wherein, despite reported net profits of over $30 million in H1 2018, the exchange suspended user deposits and withdrawals in June following a $30 million theft of cryptocurrencies by hackers in June.

Bithumb has also announced the expansion to new markets in Japan and Thailand, in addition to an upcoming launch of a decentralized exchange for the global market.

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