FTX Mulls Buying Top South Korean Exchange Bithumb

FTX Mulls Buying Top South Korean Exchange Bithumb

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.

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

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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.


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.

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