이 기사는 2021년 09월 27일 07:53 thebell 에 표출된 기사입니다.

South Korean cryptocurrency exchange Bithumb Korea is actively joining hands with local mobile content provider Bucket Studio by jointly launching a commerce platform following making a large-scale investment.

Bucket Studio and Bithumb Korea recently created commerce platform Bithumb Live after Bucket Studio sold its convertible bonds worth 15 billion won ($13 million) to Bithumb Korea in the second quarter, according to industry sources on Thursday. Vidente, the Bithumb’s largest shareholder, is a second-tier subsidiary of Bucket Studio.

Bucket Studio and Bithumb Korea have invested a combined 6 billion won in Bithumb Live, formerly known as Live Commerce, with each holding a 37.5% stake. The two companies plan to develop the commerce platform into a new online marketplace by incorporating Bithumb’s blockchain payment technology.

Their collaboration is stronger than typical co-investments considering that the two companies will own the same stake in the new subsidiary for the new business and that the new subsidiary has used 'Bithumb' in its name. It also shows Bithumb’s willingness to provide its business network given that the new business mainly includes Bithumb’s mainstay blockchain technology. It can be said that a friendly atmosphere has been created between Bucket Studio CEO Kang Ji-yeon, who has control over Bithumb through Vidente, and the management of Bithumb Korea.

In May, Bithumb Korea purchased convertible bonds worth 15 billion won issued by Bucket Studio, becoming the Bucket Studio’s potential major shareholder.

The shares underlying convertible bonds purchased by Bithumb Korea represent 12.5% of the total shares. This is equivalent to a 14.44% stake in Bucket Studio, which is just 2 percentage points lower than the stake owned by the company’s largest shareholder Initial Fund 1 and higher than the Initial Fund 2’s 12.17% stake.

What is worth noting is how Bithumb Korea and Bucket Studio agreed on the issuance and purchase of the mezzanine.

Kang is at the top of the governance structure, with Initial, Initial Fund 1, Bucket Studio, Inbiogen, Vidente, Bithumb Holdings, and Bithumb Korea placed under Kang’s control. However, Kang’s influence on the decision-making process is limited to Vidente, meaning the linkage of stake, which starts from Kang, ends at Vidente.

Although Vidente is the largest shareholder of Bithumb Holdings, the largest shareholder of Bithumb Korea, Lee Jung-hoon, former chairman of Bithumb Korea, is considered the de-facto owner.

The fact that Bithumb Korea’s board decided to purchase convertible bonds signifies that the plan was approved by Lee. Kang also seems to have allowed Lee to become the potential second largest shareholder of Bucket Studio, the key affiliate of the overall governance structure.

Kang inherited the governance structure of former Vidente CEO Kim Jae-wook. Kim and Lee once had a dispute over the management of Bithumb. The issuance of mezzanine and the joint establishment of a subsidiary are the first signal that the tension between Kang and Lee has been somewhat reduced.

Market insiders are paying attention whether the two are discussing a possible sale of Bithumb Holdings stake.

Lee hasn’t been able to offload its stake in Bithumb Holdings amid continuous rumors surrounding possible mergers and acquisitions since the first half of this year. Lee has already missed the timing to sell his stake at the highest possible price while the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit handed over Lee to the prosecution for alleged fraud.

Kang is trying to take advantage of this opportunity to take over the management rights of Bithumb, securing nearly 200 billion won in cash through active fundraising activities. (Reporting by Sang-woo Seong)