OGQ Invests $35M in Bithumb to Expand Into the Fast-Growing NFT Market.

OGQ made a strategic investment worth $35M to acquire a share in one of the top Korean crypto exchanges, Bithumb, therefore, becoming its 4th largest shareholder. OGQ, run by the CEOs I.T. SHIN and H. W. Lee, is an IP marketplace platform, that connects creators with their fans all over the world.

Bithumb, founded in 2014, is one of the most influential digital currency exchanges on the Korean market. There are some 6.5 million users with a daily trading volume as high as $1B. The company was recorded to have total equity of $425.4M, with the net profit standing at $141.1M, and the cash reserve amounting to $2B at the end of 2020.

With the aim of expanding its ecosystem into the NFT market, OGQ will collaborate with Bithumb to provide 334M pieces of its intellectual property that include artwork, photography, video, and music. Kangil Kim, the director of the OGQ blockchain platform, noted, “We are continuously discussing the expansion plan of our creators’ IP content to the NFT ecosystem.”

Overview:

OGQ, an IP marketplace platform connects creators with their fans to enable the trading of various IP content such as images, videos, music, and 3D assets. There are some 17 million users and 900,000 creators from 191 different counties active on the OGQ Backgrounds and ‘NAVER OGQ Market’. The cumulative number of downloads across the OGQ platforms stood at more than 2.8 billion, making the platform grow into a global copyright content market.