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.

AccessTimeIconOct 24, 2022 at 4:06 p.m. UTC
Updated Oct 25, 2022 at 1:40 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

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.

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.

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.

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

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Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.