South Korea’s Biggest Exchange In The Hands Of A Plastic Surgeon
Kim Byung-gun, the founder of BK Medical Group, signs a 350 million dollar deal with the South Korea’s biggest exchange. Around 38 percent of the shares are now his.
Bithumb is the biggest exchange in South Korea and one of the biggest in the world. It got hacked in June by cybercriminals and hasn’t fully recovered since. Recently one of the biggest Bithumb players, BTC Holdings Company, which owned 76 percent of the equity, has decided to sell a significant part of it. More than half (51 percent) of the mentioned 76 percent of the ownership has been bought by BK Global Consortium, founded by Kim Byung-gun. It means that around 39 percent of the Bithumb shares are now owned by Kim, who is both a plastic surgeon and a talented businessman.
Troubled market with big potential
Kim is gradually increasing his influence in the crypto world. South Korea became one of the world’s most active digital currency markets of 2017. That certainly makes the crypto investments a good idea and the plastic surgeon knows it. Alongside his medical company’s development, he surely pays a lot of attention to the blockchain technology and cryptocurrency world. But it is actually quite hard for Korean beginner investors because the country has banned ICO and is working on further cryptocurrency market regulations.
At the same time, Korea is aspiring to explore the blockchain technology in other ways. Pilot projects in the public sector area, carefully selected by the government, are now being widely developed. Cryptocurrencies have actually become a popular trend in Asia. South Korea definitely is a leader in that field.
Problematic past, bright future
Despite all the problems it’s had, Bithumb still remains the main crypto exchange in the country and one of the biggest in the world. It’s net profits oscillated around 35 million dollars in the first half of this year, despite the rough June, when it lost 40 million in the hack. Now let’s see what this huge castling in the holding will bring. The transaction between BTC Holdings Company and Kim’s BK Global Consortium is expected to be completed in February.
Image by Grey82
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