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Bithumb: Crypto Exchange $333 Million Acquisition May Be in Jeopardy

October 1, 2019 at 8:18 AM | By Jit Sutradhar News

An agreement to acquire the exchange cryptocurrency Bithumb over $ 300 million remain in rough water.

According to The Korea Herald on Monday signed the agreement BK Fintech Global Consortium to buy a majority stake in the main Korea Exchange not yet fully been paid.

In October 2018, BTC Holdings Korea had agreed to sell 51 percent of its stake in Bithumb to BK Global Consortium for $ 333 million. Since the agreement was negotiated, BK Global reportedly made an initial payment of $ 100 million.

However, sources close to the matter told the news source that World BK delayed the April deadline to complete the purchase on the condition that it would increase its stake in Bithumb of 51 percent to 70 percent. However, according to the report Global BK has again lost a deadline of September 30 for the final payment.

The Herald said the company has been seeking several partnerships or acquisitions to ensure the remaining capital for the acquisition.

One of these investors, Cho Yoon-hyeong electronic equipment manufacturer Cornerstone, is rumored to be contributing about $ 125 million to purchase BK global exchange.

On Monday, Cho argued that the deal could fall apart after the second extension.

“The deal is proceeding smoothly, and we’re working on details with BTC Holdings.”

A Bithumb representative agreed, saying that “Bithumb has a stable management, so there will be no impact in case of collapse agreement.”

Bithumb image via CoinDesk archives

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