Terrascience Acquires Socketgaming, the IP Holder of Cryptocurrency Exchange ‘BHEX’

[Asia Economy Reporter Jang Hyowon] Terra Science, a KOSDAQ-listed company, has made its entry into the global cryptocurrency market by acquiring 100% of the shares of Socket Gaming, a blockchain specialized company.

Socket Gaming, acquired by Terra Science, is a blockchain specialized company that holds all licenses including the original source code and IP (intellectual property rights) of the exchange solution ‘BHop Platform’ from ‘BHEX’, a former global major cryptocurrency exchange.

BHEX, which operated over 300 exchange systems through a SaaS (Software as a Service)-based open platform, was shut down entirely in October last year due to Chinese government policies. At that time, the daily cryptocurrency trading volume through BHEX was $1.2 billion USD (approximately 1.5 trillion KRW), ranking it within the top 10 globally according to CoinMarketCap, a global cryptocurrency market data aggregator.

Socket Gaming is preparing to launch a global cryptocurrency exchange in the second half of this year by further advancing the BHEX exchange solution ‘BHop Platform’. The plan is to establish a next-generation virtual asset investment platform that integrates various methods such as futures investment and P2E games into an open platform format, going beyond simple cryptocurrency trading.

Terra Science has acquired 100% of Socket Gaming’s shares and intends to maintain the current business and management structure. Using Socket Gaming, which possesses next-generation cryptocurrency platform technology, as a focal point, the strategy is to secure a stable cash cow channel based on royalty calculation methods in the global cryptocurrency market, recognized as a new growth industry.

A company official stated, “Based on technology already verified in the market, we are preparing a next-generation cryptocurrency exchange platform environment that plans various new types of cryptocurrency trading and investment content never seen before. We have begun full-scale launch preparations focusing on overseas countries where cryptocurrency industry policies are actively being promoted, targeting the second half of this year. We also plan to continue multifaceted discussions to open an exchange domestically after reviewing market conditions and legal matters.”