FTX Mulls Buying Top South Korean Exchange Bithumb

Though absolutely nothing is validated yet, talks have actually been happening for numerous months, experts state.

Key Takeaways

• FTX remains in talks with Bithumb about a prospective acquisition, a brand-new report from Bloomberg suggests.
• The 2 companies have actually supposedly remained in sophisticated talks for numerous months. A Bithumb representative commented that absolutely nothing might be validated "at this phase."
• FTX appears to be on a buying spree; it just recently got crypto loaning platform BlockFi after it suffered a liquidity crisis.

Leading crypto exchange FTX is apparently working out a possible acquisition of leading South Korean exchange Bithumb. No offer has actually been validated as of.

Advanced Talks

Sam Bankman-Fried's crypto empire keeps broadening.

According to Bloomberg, worldwide crypto trading platform FTX remains in sophisticated speak to purchase leading South Korean crypto exchange Bithumb. While no offer has actually been revealed yet, both business have actually presumably remained in conversations for numerous months.

When requested remark, a Bithumb representative mentioned absolutely nothing might be validated "at this phase."

Bithumb is among the leading central crypto exchanges in South Korea, in addition to Upbit and Coinone. Developed in 2014, it presently notes 188 cryptocurrencies. Information from CoinGecko program that Bithumb reached over $3 billion in everyday trading volume in late November 2021; the number has actually now boiled down to approximately $558 million.

The collapse of popular crypto hedge fund Three Arrows Capital has actually led several crypto business to fight with liquidity, with a few of them (such as crypto loaning company Celsius and crypto exchange platform Voyager Digital) stopping briefly consumer withdrawals and declare insolvency.

FTX CEO and co-founder Sam Bankman-Fried, nevertheless, has handled a brand-new function as the crypto market's loan provider of last hope. Through his numerous business, Bankman-Fried has actually offered credit to Voyager (pre-bankruptcy filing) and obtained BlockFi. He has actually likewise specified that over $2 billion is all set to release for additional bailouts.

The Bithumb acquisition appears not likely to be due to current market chaos, thinking about talks have actually supposedly been continuous for numerous months. Rather, FTX might be checking out broadening its existence in South Korea in a relocation similar to its 2020 purchase of Blockfolio.

Disclosure: At the time of composing, the author of this piece owned ETH and numerous other cryptocurrencies.

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