SEOUL, Republic of Korea | October 24, 2022 11:22 AM Eastern Daylight Time
Bybit has announced the completion of a convertible bonds investment in KOSDAQ-listed, T-Scientific Co., Ltd. (“T-Scientific”). The move now lays the foundation for Bybit to explore market expansion and new investment opportunities beyond partnerships in the Korean blockchain market.
On September 30, 2022, T-Scientific announced the issuance of convertible bonds in an aggregate principal amount of 16 billion won, of which 5.5 billion won were acquired by Bybit on October 19, 2022.
As a result of the relationship with T-Scientific, Bybit has opened the potential to further exploration of Korea’s blockchain and NFT markets with Korean regulated partners; 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. It is also the third-largest shareholder of Bithumb, a Korean virtual asset exchange, and is actively expanding its activities into the blockchain business through its subsidiary Hanbitco Korea.
Despite already enjoying strong financial backing from its parent group companies, T-Scientific is looking to attract investments from global players like Bybit, in order 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.
In particular, T-Scientific looks forward to strengthening business collaboration such as pushing Korean projects globally and cementing the company’s position in the Korean market through the Bybit investment and its recent Hanbitco acquisition.
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.