Bithumb, the biggest crypto exchange in Korea has officially sold over 38% of its owned shares to the BK Group making it the biggest shareholder as the deal is pushed through. The deal was facilitated by the BTC Holdings company which owned a huge 76% stake in the crypto exchange. Selling 50% of its shares and adding 1 share to finish the deal, BK Group, originally a plastic surgery firm, has become a major shareholder.
BK Group, headed by experienced plastic surgeon Kim Byung Gun, has a avid history with crypto tech as it launched the BK Global Consortium dedicated to developing current blockchain technology for future application.
Korea’s has become a hub for crypto exchange with the country attracting huge investment from its relatively young population. Considering the number of crypto investors in the country, the controversial stance to ban ICO’s has left exchanges the biggest powerhouses in the country.
E-commerce companies such as Amazon and Alibaba are receiving large commission fees, which have become an issue for consumers. Blockchain payment systems can reduce those commission fees. We will also promote the introduction of stable coin to stabilize the payment system. We will be in conjunction with the global exchange scheme to take advantage of the coin linked to the US dollar.
BK Global Rep
Bithumb has had a controversial history with the exchange having been compromised earlier this year leading to well over $40 million of user funds being stolen. Furthermore having to prevent new registrations to its service, many believed the service was ready to close its doors. However posting net profits of $35 million proved the company remains kicking and alive. The deal has also proved significant for the exchange as at the rate used, the exchange is worth a whopping $880 million