Singapore’s BK Global consortium will become the new owner of South Korea’s cryptocurrency exchange Bithumb.

A Bithumb spokesman said the consortium will pay $10 million in downpayment to the current owner BTC Holding. The consortium will invest 400 billion won in Bitthumb in the future. The new owner will hold 50 percent and one more Bithumb shares. The BTC Holding would become the second largest shareholder, with a stake of 25.99 percent. The company has yet to announce when the formal signing will take place.

Despite the ownership change, the current Bithumb executives will not change, the spokesman said. Bithumb is the world’s second largest cryptocurrency exchange according to the trading volume.

The BK Consortium is led by BK Group Chairman and Singapore’s ICO Platform CEO Kim Byung-kun. Kim also runs a hospital in Seoul as a plastic surgeon.