One major accounting firm has recently confirmed that the famous exchange Bithumb is for sale, and many great companies are interested to acquire it. In the Bitcoin news today, we can see that the major crypto exchange in South Korea is being sold as Bithumb Holdings, which owns over 70% of the exchange.
Currently, this holding is looking for a buyer and as Samjong KPMG (a joint venture firm that includes the Dutch giant KPMG) told the media, “it is correct that Samjong KPMG is serving as an M&A advisor for Bithumb.”
Investment banking sources now know that Bithumb is for sale, and have told the South Korean media outlets that “several” firms have already submitted their “letters of intent” in attempt to put a price tag on the exchange. Speaking of which, prices of between $430 million and $602 million (USD) have been mentioned.
One blockchain consultant from South Korea named Mira Kim told the crypto news media the following:
“Bithumb is the jewel in the crown of domestic crypto exchanges – perhaps even of all Asian exchanges. In 2018, a deal to buy 50% of the firm was agreed for USD 350 million, so I think it’s entirely realistic that a company will agree to pay more than that now for an even bigger stake in the company, if that’s indeed what’s on offer. Big domestic companies’ interest is real, I’m led to believe – they have been piqued, but regulatory issues could be off-putting.”
Now, the crypto industry is hoping that the introduction of the first crypto-specific piece of legislation in 2021 will provide a lot of legitimacy for domestic exchanges. For instance, big players such as Hyundai and Kakao (from the country) also unveiled their plans to create what sounds like de facto crypto exchanges, while the giant Samsung now features “blockchain wallets” on its phones, which are capable of storing crypto assets.
International players may also look to move in the lucrative South Korean market, and industry experts are speculating that an American or Chinese buyer could see that Bithumb is for sale, and snap it up, following the collapse of the 2018 agreement.
Meanwhile, reports from Business Post show that Bithumb has begun offering a crypto custody service to corporate clients.
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