FTX Mulls Buying Top South Korean Exchange Bithumb

fiverr
FTX Mulls Buying Top South Korean Exchange Bithumb
Blockcard


key takeaways

A new report from Bloomberg suggests that FTX is in talks with Bithumb over a potential acquisition. The two companies have reportedly been in advanced talks for several months. A Bithumb spokesperson commented that nothing could be confirmed “at this stage.” FTX appears to be on a buying spree; it recently acquired crypto lending platform BlockFi after suffering a liquidity crisis.

share this article

Leading cryptocurrency exchange FTX is reportedly in talks to potentially acquire South Korea’s top exchange Bithumb. No transaction has been confirmed yet.

Advanced Lecture

Sam Bankman-Fried’s crypto empire continues to expand.

according to Bloomberg, global cryptocurrency trading platform FTX is in advanced talks to acquire South Korea’s top cryptocurrency exchange Bithumb. While no deal has been announced, the companies have reportedly been in discussions for several months.

Minergate

When asked for comment, a Bithumb spokesperson said nothing could be confirmed “at this stage.”

Bithumb, like Upbit and Coinone, is one of the top centralized cryptocurrency exchanges in South Korea. Founded in 2014, it currently lists 188 cryptocurrencies.Data from CoinGecko programme By late November 2021, Bithumb’s daily trading volume reached over $3 billion; that number has now dropped to about $558 million.

This collapse The leadership of well-known crypto hedge fund Three Arrows Capital has led to several crypto firms struggling with liquidity, some of them (e.g. crypto lending firms) Celsius and crypto exchange platform Voyager Digital) to suspend customer withdrawals and file for bankruptcy.

However, FTX CEO and co-founder Sam Bankman-Fried took on a new role Lender of last resort for the crypto industry. Through his various companies, Bankman-Fried provided credit to Voyager (filed before bankruptcy) and acquired BlockFi. He also said more than $2 billion was ready for further bailouts.

Given that talks have allegedly been going on for several months, it seems unlikely that the Bithumb acquisition was due to the recent market turmoil.Instead, FTX may be considering expanding its presence in South Korea in a move reminiscent of its 2020 Buy Blockfolio.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

share this article

The information on or accessed through this website has been obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations about the timeliness, completeness or accuracy of any information on or accessed through this website. Representations or warranties. Decentral Media, Inc. is not an investment advisor. We do not provide 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 be out of date, or may be incomplete or inaccurate. We may, but are not obligated to update any outdated, incomplete or inaccurate information.

You should not make investment decisions regarding ICOs, IEOs or other investments based on the information on this website, nor should you interpret or otherwise rely on any information on this website as investment advice. If you are seeking investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not accept compensation of any kind for analyzing or reporting on any ICO, IEO, cryptocurrencies, currencies, tokenized sales, securities or commodities.

View full terms and conditions.

Paxful

Be the first to comment

Leave a Reply

Your email address will not be published.


*