Singapore based BK Global Consortium, led by renowned plastic surgeon Dr. Kim Byung-gun’s has reportedly acquired a majority stake in South Korea's leading crypto exchange Bithumb.
Kim is the founder and director of BK Plastic Surgery Hospital in Seoul and treats patients from around the world and made a fortune investing in investing in tech and bio startups.
Being a blockchain enthusiasts, Kim established a blockchain firm called ICO Platform in Singapore, a crowdfunding platform that matches blockchain firms with potential investors.
Bithumb has been consistently been one of the top five exchanges in the world by trade volume, behind only international platforms such as Binance and Bitfinex. is currently the leading crypto exchange in South Korea by trade volume. According to Bloomberg, the platform posted an operating profit of 218.6 billion won in the first half of the year.
“After the acquisition, Bithumb is expected to be jointly managed by BK and Bithumb’s current leadership,” a spokesperson told The Investor. The deal is expected to boost Bithumb’s global presence and its development of blockchain technology.
Now after purchasing the majority stake on the exchange, a BK Consortium Global official says that there are plans to launch a stable coin soon.
“We will also promote the introduction of a 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.”
The deal was settled at around 400 billion Korean Won, or approximately $353 million. According to a BK Global spokesperson, in the past year, Bithumb has traded $5 trillion Won worth of cryptocurrency per day.