Singapore Consortium Gains Stake in Bithumb -Bithumb is the most popular Korean based Bitcoin trading platform, but available in English as well as Chinese, Japanese, Spanish, and Hindu. It is regarded as Korea’s number one Virtual Currency Exchange.
Now Singapore-based BK Global Consortium has acquired majority stake in South Korea’s biggest bitcoin exchange Bithumb. About 38 percent of the world’s third-largest cryptocurrency exchange Bithumb’s, shares of worth 400 billion won (approximately $350 million) will be sold to the BK Global Consortium, which is a blockchain investment company established by BK Global, a Singapore-based medical surgery group owned by Kim Byung-Gun.
BK Global Consortium Deal:
Singapore Consortium Gains Stake in Bithumb-BTC Korea Holdings, which currently owns 76 percent of Bithumb’s equity, gave up its majority control to the consortium by making an agreement to sell 50 percent plus 1 share of that 76 percent ownership to BK Group, which is led by Kim Byung-gun, one of South Korea’s leading plastic surgeons. This deal was closed on October 11. But when the deal gets finalized which is scheduled to be on December 12th, BK Group will become Bithumb’s largest shareholder.
Future plans of the consortium:
Bithumb is presently the leader of the cryptocurrency market in terms of daily transactions. It is the largest digital asset platform in South Korea. It is reported that BK group had already developed a Blockchain based e-commerce settlement platform and a stablecoin in order to help lower commission charged on transactions
Under the leadership of Kim, the consortium has plans to create a stablecoin for the exchange in the near future.
“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 [a] stablecoin 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 Consortium Representative
Decentralized Exchange (DEX):
Singapore Consortium Gains Stake in Bithumb-Byung Gun, managing director of the ICO Platform Pte. Ltd., a. Singapore-based initial coin offering (ICO) investment advisory firm said that the consortium may soon launch its own global decentralized crypto exchange (DEX).
DEX will be partnered with blockchain firm One Root Network and a blockchain e-commerce payment system. In order to reduce the virtual currency price volatility and settlement fees. The main aim of DEX is to make Bithumb’s services more accessible to users. Therefore, it will be throughout the world with a greater level of security.
Kim is a well-known investor in technology and biotech startups. He has expressed a growing interest in the blockchain, the technology behind cryptocurrency. Kim is increasing his stake in a cryptocurrency market. He founded an initial coin offering (ICO), a Singapore-based initial coin offering (ICO) investment advisory firm.