Singapore consortium buys out controlling stake in Bithumb for $ 350 million

Bithumb No withdraw? or only list of coins?

Singapore consortium buys out controlling stake in Bithumb for $ 350 million

The largest South Korean cryptocurrency exchange Bithumb officially confirmed the sale of 38% of shares to the Singapore blockchain consortium for $ 350 million.

BTC Holdings Company, which owned 76% of Bithumb, agreed to sell 50% + 1 share of its stake to the investment firm BK Global Consortium. The announcement says that the total market value of the crypto exchange was estimated at $ 880 million, and the controlling stake cost the buyer $ 350 million..

BK Global CEO Kim Byung Goon has previously invested in other projects related to virtual currencies and blockchain. He founded an ICO platform in Singapore and arranged an initial public offering for a consulting company.

Singapore consortium buys out controlling stake in Bithumb for $ 350 million

On the eve of this announcement, it also became known that Bithumb launched the BTCI crypto index., founded on two indices that make it up: BTMI and BTAI. The first includes all virtual assets traded on the exchange, and the second excludes only bitcoin (BTC). The index is updated every 10 seconds, and it has been calculated since July 1, 2018.

International startup AERUM also successfully raised funds for the development of a blockchain protocol for decentralized financial applications, having managed to attract $ 1 million from Russian investors.

text: Sid Nietzsche, photo: coindoo, bcfocus