Business

FTX Mulls Shopping for Prime South Korean Trade Bithumb

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 could possibly be confirmed “at this stage.”
  • FTX appears to be on a buying spree; it just lately acquired crypto lending platform BlockFi after it suffered a liquidity disaster.

Main crypto change FTX is reportedly negotiating a possible acquisition of high 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 high South Korean crypto change Bithumb. Whereas no deal has been introduced but, each firms have allegedly been in discussions for a number of months.

When requested for remark, a Bithumb spokesperson said nothing could possibly be confirmed “at this stage.”

Bithumb is likely one of the high centralized crypto exchanges in South Korea, together with Upbit and Coinone. Established in 2014, it at the moment lists 188 cryptocurrencies. Knowledge from CoinGecko present that Bithumb reached over $3 billion in day by 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 outstanding crypto hedge fund Three Arrows Capital has led a number of crypto firms to wrestle with liquidity, with a few of them (equivalent 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, nonetheless, has taken on a brand new function because the crypto trade’s lender of final resort. By way of his varied firms, Bankman-Fried has offered credit score to Voyager (pre-bankruptcy submitting) and purchased BlockFi. He has additionally said that over $2 billion is able to deploy for additional bailouts.

The Bithumb acquisition appears unlikely to be as a consequence of latest market turmoil, contemplating talks have allegedly been ongoing for a number of months. Moderately, FTX could possibly 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 a number of other different cryptocurrencies. 

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