Share this article

Crypto Exchange Bybit Spends $3.8M on Bithumb Shareholder T-Scientific's Convertible Debt

The Dubai-based exchange said it sees the investment as a means to expand into the Korean market.

Updated May 9, 2023, 4:00 a.m. Published Oct 24, 2022, 4:06 p.m.
Bithumb website (Shutterstock)
Bithumb website (Shutterstock)

Cryptocurrency exchange Bybit said it invested 5.5 billion won ($3.8 million) in T-Scientific, the third-largest shareholder in South Korean crypto exchange Bithumb.

Dubai-based Bybit bought almost a third of the 16 billion won of convertible debt T-Scientific issued at the end of last month. T-Scientific (057680) is listed on the South Korean stock exchange. Convertible debt is a fixed-income security that pays interest but can be converted into equity under certain conditions.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

The transaction gives Bybit a potential stake in one of South Korea's largest crypto exchanges. Bithumb has 24-hour trading volume of $239 million, according to data by CoinGecko, compared with Bybit's $979 million. Bybit said it sees the investment as a means to expand into the Korean blockchain market, according to an announcement shared with CoinDesk Monday.

Advertisement

T-Scientific is looking to attract global investors to enhance its financial position and solidify its position in the Korean blockchain and non-fungible token (NFT) market.

Read more: Crypto Exchange Bybit Halts Derivatives Trading in Brazil After Exchange Commission Ban

UPDATE (Oct. 24, 2022 22:42 UTC): Updates to change company headquarter.

More For You

Image overlay test seven

ETH's price chart. (TradingView/CoinDesk)

Dek: Image overlay test seven