FTX Mulls Buying Top South Korean Exchange Bithumb

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Key Takeaways

FTX is in talks with Bithumb a couple of potential acquisition, a brand new report from Bloomberg signifies.
The 2 companies have reportedly been in superior talks for a number of months. A Bithumb spokesperson commented that nothing may very well be confirmed “at this stage.”
FTX appears to be on a buying spree; it not too long ago acquired crypto lending platform BlockFi after it suffered a liquidity disaster.

Main crypto change FTX is reportedly negotiating a possible acquisition of prime South Korean change Bithumb. No deal has been confirmed as of but.

Superior Talks

Sam Bankman-Fried’s crypto empire retains increasing.

In accordance with Bloomberg, world crypto buying and selling platform FTX is in superior talks to purchase prime South Korean crypto change Bithumb. Whereas no deal has been introduced but, each corporations have allegedly been in discussions for a number of months.

When requested for remark, a Bithumb spokesperson said nothing may very well be confirmed “at this stage.”

Bithumb is likely one of the prime centralized crypto exchanges in South Korea, together with Upbit and Coinone. Established in 2014, it presently lists 188 cryptocurrencies. Knowledge from CoinGecko present that Bithumb reached over $3 billion in every day buying and selling quantity in late November 2021; the quantity has now come all the way down to roughly $558 million.

The collapse of distinguished crypto hedge fund Three Arrows Capital has led a number of crypto corporations to wrestle with liquidity, with a few of them (similar to crypto lending agency Celsius and crypto change platform Voyager Digital) pausing buyer withdrawals and submitting for chapter.

FTX CEO and co-founder Sam Bankman-Fried, nevertheless, has taken on a brand new position as the crypto business’s lender of final resort. By his varied corporations, Bankman-Fried has offered credit score to Voyager (pre-bankruptcy submitting) and bought BlockFi. He has additionally said that over $2 billion is able to deploy for additional bailouts.

The Bithumb acquisition appears unlikely to be attributable to current market turmoil, contemplating talks have allegedly been ongoing for a number of months. Quite, FTX may very well be trying into increasing its presence in South Korea in a transfer paying homage to its 2020 buy of Blockfolio.

Disclosure: On the time of writing, the creator of this piece owned ETH and several other different cryptocurrencies.

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