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Bithumb, South Korea’s largest cryptocurrency exchange by trading volume, has sold over 38% of its equity to BK Global Consortium, a blockchain investment firm based in Singapore.

BK Global acquired the stake in Bithumb for $350 million (400 billion won).

Kim Byung Gun, chairman of BK Group, the holding company of BK Global, will become Bithumb’s largest shareholder at the conclusion of the acquisition from the current largest equity owner, BTC Holdings Company.

Bithumb, which marks its fifth anniversary, is valued at roughly $880 million (1 trillion won), serving trades for South Korea as one of the top five Bitcoin exchanges in the world, according to CoinMarketCap.