The major crypto exchange FTX is reportedly in talks to buy South Korea-based Bithumb, Bloomberg News. report July 22.
The two companies have been in negotiations for several months, and there are signs that negotiations are in progress.
A Bithumb spokesman did not confirm the development.
Acquisition of Bithumb to support expansion in Asia
FTX’s attempt to buy Bithumb is in line with its expansion in Asia.
February, Sambankman Fried-led exchange bought Japanese crypto exchange liquid is a private amount. The acquisition gives the company rights to all of Liquid’s operating subsidiaries, including Quoine Corporation and its Singapore-based unit.
Bithumb has a clear position in the Korean crypto market. This exchange is the second largest cryptocurrency exchange in South Korea in terms of trading volume after UPbit.
March 1 According to The Korea Herald reportIn 2021, 15 million registered crypto exchange users in the country processed over $ 9 billion in transactions.
South Korea, on the other hand, is one of the few countries with strict cryptographic regulations.
Ambition to expand SBF
SBF has been looking for new ways to grow its business in the last few months.
SBF’s FTX US has a $ 400 million loan to BlockFi, with the option to buy the company for $ 240 million, depending on performance.
His other company, Alameda Ventures, provided a $ 200 million digital loan and a 15,000 Bitcoin (BTC) loan to puzzled crypto lender Voyager.
FTX also considered buying the suffering Celsius Network before canceling the transaction.
FTX and FTXUS are currently seeking new funding that can be used to fund other acquisitions.
