T Scientific Acquires Management Rights of Virtual Asset Exchange 'Hanbitco' (Comprehensive)

[Asia Economy Reporter Jang Hyowon] T Scientific announced on the 11th that it will acquire approximately 60% of the shares of the virtual asset exchange ‘Hanbitco’ for 24 billion KRW.

On the same day, T Scientific decided to acquire shares worth about 24 billion KRW based on a total corporate value of 40 billion KRW for the virtual asset exchange ‘Hanbitco’ with the purpose of promoting new blockchain-based businesses. After the acquisition, it plans to secure management rights shares amounting to 60.36%.

A T Scientific official stated, “Through this acquisition, we have successfully secured the first business model following the announcement of our blockchain-based new business goals, clearly defining our investment and management strategy for future growth.”

In particular, although the company had not participated in blockchain business operations except for investing in shares of Bithumb Korea, it said that it will take an active approach to direct business operations through the acquisition of ‘Hanbitco’.

T Scientific explained that the acquisition decision was based on the strategic direction of blockchain IT companies. It is reviewing the expansion of synergy business areas such as NFT markets and various financial service business models based on the virtual asset exchange, and plans to realize its strategy through these efforts.

Additionally, the company expressed its intention to accelerate global expansion by pursuing strategic partnerships with global partners within this year, not only domestically. Accordingly, it plans a paid-in capital increase to facilitate the smooth expansion of ‘Hanbitco’s business areas and aims to strengthen management rights to about 70%.

Hanbitco, established in 2017, is a virtual asset exchange that completed its virtual asset business registration with the Financial Intelligence Unit (FIU) in December last year. It aims to provide services based on the Korean won by securing real-name bank deposit and withdrawal accounts as an exchange with a high level of self-regulation, stability, and transparency.

T Scientific has been actively focusing on the blockchain industry sector since announcing the addition of business objectives at the extraordinary general meeting of shareholders in January.

A company official said, “Starting with strategic investment in the global creator platform OGQ to promote mobile coupon-NFT content linkage business and the acquisition of this virtual asset exchange, we plan to pursue active investments and M&A that align with our strategic direction, and accordingly, we will also strive to secure excellent talent.”