Business 12 October 2018Dennis Wafula
Bithumb launches crypto indices as new partner gets onboard
Bithumb, South Korea’s largest cryptocurrency exchange by trade volume, is on a roll lately.
This week, the exchange opened Bithumb Crypto Index (BTCI), which contains two separate indices—Bithumb Market Index (BTMI) and Bithumb Altcoin Market Index (BTAI), news.bitcoin.com first reported.
Bithumb began calculating BTCI last July 1. BTMI tracks all coins listed on the crypto platform with a goal of providing “an overall view of the price changes in the cryptocurrency market,” while BTAI tracks “all non-bitcoin cryptocurrencies” on the platform to give “a view of the price changes in the cryptocurrency excluding bitcoin.” The index is calculated in real time and is updated every 10 seconds, according to Bithumb.
Like Bithumb, Upbit—the largest crypto exchange in South Korea in terms of the number of cryptocurrency listed—also launched two indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). From the two indices, Upbit has over 20 sub-indices grouped into either market, theme or strategy.
Upbit was quoted by Business Korea saying, “The index is designed to help investors grasp the movements of the cryptocurrency market at a quick glance.”
Singapore consortium bets big on Bithumb
In addition to launching an index, Bithumb also found itself a new investor.
On Friday, Yonhap reported that the BTC Holdings Company, which has held 75.99% stake in Bithumb, has signed a deal to sell 50% plus 1 share for KRW400 billion ($354 million) to Singaporean blockchain consortium BK Global. This effectively makes BK Global the majority owner of the South Korean crypto exchange.
Once the deal is complete, Bithumb will be valued at more than KRW1 trillion, or around $880 million.
BK Global is described as a Singapore-based medical group that operates plastic surgery and aesthetic clinics in South Korea and Singapore. Its chairperson, Kim Byung-gun, is a “plastic surgeon and blockchain platform investor,” according to Reuters.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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