• Tue. Jul 16th, 2024

Crypto exchange Bybit announces investment in KOSDAQ-listed T-Scientific

Bybit has invested in T-Scientific Co., Ltd, a move that would enable it to expand its presence in the Korean blockchain market.

Bybit, one of the fastest-growing crypto exchanges in the world, announced that it had completed a convertible bonds investment in KOSDAQ-listed, T-Scientific Co., Ltd. (“T-Scientific”). 

According to the press release shared with Cryptowisser, Bybit’s investment is designed to enable it to explore market expansion and new investment opportunities beyond partnerships in the Korean blockchain market.

Late last month, T-Scientific announced the issuance of convertible bonds in an aggregate principal amount of 16 billion won ($11,077,187). The company revealed that 5.5 billion won ($3,807,783) were acquired by Bybit on October 19, 2022. 

This latest cryptocurrency news means that Bybit has opened the potential to further exploration of Korea’s blockchain and NFT markets with Korean-regulated partners. The move is part of Bybit’s ambition to conduct any Korean business operations in a responsible manner.

KOSDAQ-listed, T-Scientific is an IT company operating a mobile coupon platform. The company is the third-largest shareholder of Bithumb, a leading cryptocurrency exchange in South Korea. T-Scientific is also actively expanding into other blockchain businesses via its subsidiary Hanbitco Korea.

Although T-Scientific is enjoying strong financial backing from its parent group companies, it is looking to attract investment from global firms, including Bybit. 

The investment would enable T-Scientific to further enhance its financial position, increase its business reach into other blockchain businesses, and ultimately solidify its leading position in the Korean blockchain and NFT market.

T-Scientific is looking to expand the business partnerships that would enable it to push Korean projects globally and cement its position in the Korean market. 

Bybit has been expanding its presence globally. In July, the exchange partnered with Actant, a trading solutions provider, to offer the best first-in-class trading tools to both institutional and retail traders.

Bybit is a cryptocurrency exchange that has been around since March 2018. The exchange offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. 

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