[Click eStock] "Tscientific Poised to Benefit from Virtual Asset Legislation as Third-Largest Shareholder of Bithumb"

On July 2, independent research firm ValueFinder projected that Tscientific is likely to benefit from the legislative move to institutionalize virtual assets, as its status as the third-largest shareholder of Bithumb is coming into focus.

Lee Choongheon, a researcher at ValueFinder, stated, "Since its founding in 1998, Tscientific has continued to expand its business through mergers and acquisitions. The company recorded rapid growth, with sales rising from 8.7 billion KRW in 2022 to 43 billion KRW last year. In line with the government's digital asset policy direction, Tscientific is expected to grow into a blockchain-based IT company in the future."

Lee also explained, "The new administration is currently pursuing policies aimed at institutionalizing and fostering the blockchain and digital asset industries. These include allowing KRW stablecoins and spot ETFs, institutionalizing new businesses such as STOs and ICOs, and enacting a basic law on digital assets. Tscientific, leveraging its experience in operating blockchain technology-based businesses such as virtual asset exchanges, is preparing to play a role in the digital asset market."

He further noted, "As of last year, Tscientific is the third-largest shareholder of Bithumb, which held a 22.5% share of the domestic virtual asset exchange market, with a 7.17% stake. Bithumb recorded a net profit of 161.9 billion KRW last year, and as it is currently preparing for an IPO, the value of Tscientific's stake is likely to be highlighted before and after the listing."

He added, "Currently, the CEO, who previously worked at Naver, and the former CISO of Bithumb, who now heads the IT security consulting group, are expected to strengthen efforts to secure a leading position in the market amid the trend toward stablecoin legislation."