Huobi, Bitmine invest in Coinlink
[THE INVESTOR] Korean cryptocurrency exchange Coinlink is set to receive investments from two Chinese crypto companies Huobi and Bitmine via a third-party capital increase, according to the Korean company on April 30.
Huobi, the world’s fourth-largest cryptocurrency exchange in terms of transaction volumes according to CoinMarketCap, and Bitmine, a leading digital currency miner, designer of ASIC chips based in Beijing, China, will hold 47 percent of the Korean cryptocurrency exchange partly owned by KOSDAQ-listed Fourth-Link once the deal is competed. After the investment, Fourth-Link’s holding in Coinlink will decrease to 17 percent.
The investment appears to be Huobi's two-track strategy for the Korean market, one of the top five in the world. Huobi launched a local unit last month to serve Korean customers.
“This would create synergies for both Huobi and Coinlink. Huobi wants to expand in Korea, one of the hottest crypto market in the world and Coinlink is seeking to go abroad,” an industry source said.
Launched in September 2017, Coinlink is ranked 190th on CoinMarketCap.
By Park Ga-young (firstname.lastname@example.org)