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Singapore consortium to acquire South Korean crypto exchange Bithumb

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Singapore consortium to acquire South Korean crypto exchange Bithumb

BK Global Consortium, a consortium led by Kim Byung-gun, agreed to acquire a controlling stake in South Korean cryptocurrency exchange Bithumb for about 400 billion won (US$354.09 million), Reuters reported Oct. 12, citing a company spokesman.

The consortium signed a deal to buy 50% plus one share in the exchange's biggest shareholder, BTC Holdings. The deal was signed Oct. 11.

Kim heads Singapore-based BK Medical Group that runs plastic and aesthetic clinics in South Korea and Singapore. He also is a start-up investor in the blockchain industry.

The transaction is set to be completed in February 2019, a spokesperson for the trading platform told Bloomberg News.