FTX is in talks with Bithumb about a potential acquisition, a new report from Bloomberg indicates.
The two firms have reportedly been in advanced talks for several months. A Bithumb spokesperson commented that nothing could be confirmed “at this stage.”
FTX seems to be on a purchasing spree; it recently acquired crypto lending platform BlockFi after it suffered a liquidity crisis.
Share this article
Leading crypto exchange FTX is reportedly negotiating a potential acquisition of top South Korean exchange Bithumb. No deal has been confirmed as of yet.
Sam Bankman-Fried’s crypto empire keeps expanding.
According to Bloomberg, global crypto trading platform FTX is in advanced talks to buy top South Korean crypto exchange Bithumb. While no deal has been announced yet, both companies have allegedly been in discussions for several months.
When asked for comment, a Bithumb spokesperson stated nothing could be confirmed “at this stage.”
Bithumb is one of the top centralized crypto exchanges in South Korea, along with Upbit and Coinone. Established in 2014, it currently lists 188 cryptocurrencies. Data from CoinGecko show that Bithumb reached over $3 billion in daily trading volume in late November 2021; the number has now come down to roughly $558 million.
The collapse of prominent crypto hedge fund Three Arrows Capital has led multiple crypto companies to struggle with liquidity, with some of them (such as crypto lending firm Celsius and crypto exchange platform Voyager Digital) pausing customer withdrawals and filing for bankruptcy.
FTX CEO and co-founder Sam Bankman-Fried, however, has taken on a new role as the crypto industry’s lender of last resort. Through his various companies, Bankman-Fried has provided credit to Voyager (pre-bankruptcy filing) and acquired BlockFi. He has also stated that over $2 billion is ready to deploy for further bailouts.
The Bithumb acquisition seems unlikely to be due to recent market turmoil, considering talks have allegedly been ongoing for several months. Rather, FTX could be looking into expanding its presence in South Korea in a move reminiscent of its 2020 purchase of Blockfolio.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.