Sunday, September 25, 2022

FTX Reportedly In Talks With South Korean Exchange Bithumb

FTX exchange is reportedly in acquisition talks with popular South Korean crypto exchange Bithumb. According to a CNBC report, while the talks are already in an advanced stage, Vidente – Bithumb’s owner, is yet to conclude on the type of acquisition. That is, whether it will be a full takeover or both firms will end up handling the exchange in joint management. 

FTX exchange on acquisition spree

It appears that FTX exchange and its CEO, Sam Bankman-Fried are on a spree in the last few months. Where there are talks of a buyout or an acquisition, it is most likely that FTX will be mentioned.

It all started in February when FTX acquired the Japanese crypto exchange Liquid Group. Since then, it has gone on to help troubled crypto lender BlockFi, potentially acquiring the lender for about $240 million. This was after agreeing to issue the firm a credit facility of $400 million. 

Many more crypto firms have also been linked with the crypto exchange amid one of the worst-ever crypto market meltdowns in history which saw billions of dollars wiped off from the markets. And one of such is Voyager Digital which also got a loan from FTX’s investment arm, Alameda Ventures. Although there were earlier reports that FTX was also eyeing Celsius in another acquisition deal, the exchange later backed out after finding inconsistencies in their balance sheets.

Gaining ground in Asia

While FTX already acquired Liquid earlier in the year, the supposed deal with Bithumb will help further establish its foothold in the Asian region. This is considering how mainstream crypto has become in South Korea particularly. 

As of publication, Bithumb remains one of the biggest crypto exchanges in South Korea. And according to CoinMarketCap data, the platform has traded over $738 million over the last 24 hours.

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