Singapore-based BK Global Consortium has agreed to purchase a stake in South Korean digital currency exchange Bithumb, which is operated by BTC Korea Holdings, for KRW400bn ($353m).
BK Global Consortium is led by Kim Byung-gun, a plastic surgeon and a blockchain investor.
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“Kim has demonstrated his multinational management ability in the field of healthcare, fintech, blockchain and biotech firms. He is the right person to pursue the systemisation and globalisation of the virtual currency exchange,” a consortium official noted.
Under the agreement, the consortium will acquire 50% and one share of BTC’s 75.99% stake in the crypto exchange.
The consortium, which was BTC’s fifth largest shareholder, will become Bithumb’s largest stakeholder post deal completion with a stake of 38%. The deal is expected to be wrapped up by February next year.
Bithumb came under the scanner earlier this year after a theft of virtual coins worth around KRW35bn from its platform. The exchange halted all deposit and withdrawal service soon after.
Despite the hack, the firm posted a net profit of around $35m in the first half of 2018.
