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FTX is reportedly in talks to purchase South Korean exchange Bithumb
Acquisition talks have been ongoing for several months, according to Bloomberg FTX most recently reached an agreement to acquire BlockFi for $240 million Sam Bankman-Frieds FTX wants to buy the South Korean crypto exchange Bithumb, according to Bloomberg. The takeover talks have been ongoing for several months, a person familiar with the matter told the news agency. There is no word on Bithumb's potential valuation. The crypto bear market has given companies with larger cash reserves the perfect opportunity to acquire struggling competitors. FTX recently reached an agreement to acquire struggling lender BlockFi for up to $240 million and agreed to acquire Bitvo and Embed...
FTX is reportedly in talks to purchase South Korean exchange Bithumb
- Gespräche über die Übernahme laufen laut Bloomberg seit mehreren Monaten
- FTX hat zuletzt eine Vereinbarung zur Übernahme von BlockFi für 240 Millionen US-Dollar getroffen
Sam Bankman-Fried's FTX wants to buy South Korean crypto exchange Bithumb, according to Bloomberg.
The takeover talks have been ongoing for several months, a person familiar with the matter told the news agency. There is no word on Bithumb's potential valuation.
The crypto bear market has given companies with larger cash reserves the perfect opportunity to acquire struggling competitors. FTX recently reached an agreement to acquire struggling lender BlockFi for up to $240 million and agreed to buy Bitvo and Embed Financial in early June.
Alameda Research, another company founded by Bankman-Fried, also loaned $500 million to bankrupt crypto lender Voyager. Bankman-Fried is also Voyager's largest individual shareholder, owning 11% of the company.
These moves further reinforce the rumor that Bankman-Fried is actively using the crypto market crash to assert its dominance in the industry.
Chris McCann, general partner of early FTX investor Race Capital, said Bloomberg that Bankman-Fried “is not doing this out of the goodness of his heart” and claims that at this point “his ambitions know no bounds.”
Founded in South Korea in 2014, Bithumb has become one of South Korea's “big four” cryptocurrency exchanges alongside Upbit, Coinone and Korbit. There have been reports that Bithumb is for sale circulates with the company since 2020 allegedly valued at 1.27 trillion won ($969 million) last year.
It currently handles a daily trading volume of about $560 million, according to CoinGecko data.
Bithumb's former chairman Lee Jung-hoon was indicted in July last year after he allegedly swindled $100 million from BK Group chairman Kim Byung Gun. Bithumb was also among several South Korean crypto exchanges raided by local prosecutors last week following an investigation into the collapse of TerraUSD.
An FTX spokesperson declined to comment. Bithumb did not respond to Blockworks' request for comment by press time.
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The post FTX Reportedly in Talks to Buy South Korean Exchange Bithumb is not financial advice.