Kim Byung-gun, a renowned plastic surgeon and blockchain financier, has sealed the deal between BK Global Consortium and Bithumb, making the acquisition of the dominant cryptotrading network, valued at 350 million US dollars, official.
In spite of three major security incidents, which resulted in the loss of millions of dollars by its customers, Bithum still managed to become the flagship digital currency trading network in South Korea together with Upbit. The latter has been showing a serious competition to Bithumb, often displaying a better daily cryptotrading volume, which can be explained by the fact that the rival exchange lists over 100 of digital currencies.
Nevertheless, the complex network of Upbit has undergone several audits for transparency and financier protection, and did not have what it takes to overthrow Bithumb and its loyal customer base.
Most of South Korean financiers express high optimism regarding the purchase of Bithumb, because the acquisition deal secures the fact of every dominant cryptoexchange in South Korea being run by a big conglomerate.
One thing that all the dominant digital currency exchanges run by large-scale conglomerates have in common is that none of the exchanges have ever been hacked.
With entrance of BK into the picture, the financiers expect that BK redirects concentration on security measures, internal system management, and general advancement of financier protection, which would facilitate the legitimization of the cryptoexchange market in South Korea.