The South Korean mobile services provider, T Scientific announced on Monday, that it will procure approximately 60% of stake in Hanbitco for $19.5M.
As per its statement, T Scientific, which especially, is involved with providing mobile coupons and mobile commerce services, has agreed to pay 24.14 billion KRW (US$19.5 million) to acquire 60.36% of PlutusDS.
PlutusDS is the privately-held operator of the local South Korean cryptocurrency exchange, Hanbitco.
T Scientific will expand its blockchain business activities in the non-fungible tokens (NFTs) space and a suite of financial services even as the management rights remain with the trading platform.
The firm, however, said it may increase its stake in Hanbitco to 70%.
Following the day of announcement, T Scientific shares rose 15.15% on Tuesday on KOSDAQ.
This is not the first crypto venture for T Scientific. Additionally, the firm also owns 8.17% of Bithumb Korea, the second-largest virtual asset exchange in South Korea that had recently revealed plans to launch an NFT marketplace.
Hanbitco is one of the smaller exchanges, registered as a token-to-token marketplace under South Korea’s Financial Intelligence Unit.
South Korea doesn’t leave a chance to capitalize on the Crypto opportunities. Recently, ahead of the Presidential election, Yoon Suk-yeol minted at least 4000 NFTs for about $40 each (KRW 50,000) with a plan to issue over 22k NFTs. The move was seen by many as a strategy to entice young crypto voters.
