FTX in talks to buy South Korean exchange Bithumb. After reaching a deal to buy Bitvo and BlockFi just last month, now, FTX is reported to be in talks with the latest crypto company.
What We Know So Far
According to a report by Bloomberg, an insider has shared that the crypto trading platform FTX is currently in discussion to buy and acquire the South Korean crypto exchange Bithumb.
FTX CEO, Sam Bankman-Fried, has reportedly been discussing potentially acquiring Bithumb for several months now, and the discussions are currently at their late-stages.
[DB] FTX in Talks to Buy Bithumb: Bloomberg
The companies have been in discussions for several months, according to the person, who asked not to be named discussing something confidential.
— db (@tier10k) July 22, 2022
Although there is no confirmed report on Bithumbs potential valuation, the exchange itself has over 8 million registered users and a total volume trade of $1 trillion reported last year. It is known to be one of South Korea’s “big four” cryptocurrency exchanges, alongside Upbit, Coinone and Korbit
It seems that Sam Bankman-Fried is using this current crypto bear market to his advantage, having invested in and buying many firms and companies within this year.
Just last month, FTX acquired the Canadian crypto exchange Bitvo. In response to this, Bankman-Fried said the purchase was made “to expand FTX’s global reach.”
“Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe,” he said.
Recently, FTX had also just reached a deal to acquire troubled lender BlockFi in a $680 million credit and acquisition deal.
While it’s unclear whether Bankman-Fried’s exchange will actually acquire Bithumb, Chris McCann, a general partner at early FTX investor Race Capital, told Bloomberg that Bankman-Fried’s ambitions during this bear market “knows no bounds.”