According to reports, FTX is in discussions about the purchase of the South Korean stock exchange Bithumb
According to reports, FTX is in discussions about the purchase of the South Korean stock exchange Bithumb
- Talks about the takeover have been running for several months, according to Bloomberg
- ftx has recently made an agreement on the transfer of Blockfi for $ 240 million
Sam Bankman-Frieds FTX wants to buy the South Korean crypto exchange Bithumb, according to Bloomberg .
The takeover talks have been running for several months, said a person of the news agency that was familiar with the matter. There is no word about the potential evaluation of Bithumb.
The crypto bear market has given companies the perfect opportunity to acquire struck competitors with larger liquidity reserves. FTX recently made an agreement on the assumption of the battered lender Blockfi for up to $ 240 million and agreed to buy Bitvo and Embed Financial in early June.
Alameda Research, another company founded by Bankman-Fried, also lent the bankruptcy crypto loan Voyager $ 500 million. Bankman-Fried is also the largest single shareholder of Voyager and holds 11 % of the company.
These steps further increase the rumor that Bankman-Fried actively uses the crypto market crash to claim its dominance in the industry.
Chris McCann, complementary of the early FTX investor Race Capital, that Banksman-Fried "does not do the pure heart" and claims that at that time "his ambition none Know limits ".
BITHUMB was founded in South Korea in 2014 and, in addition to Upbit, Coinone and Korbit, has developed into one of the “big four” cryptocurrency exchanges in South Korea. Reports that Bithumb is for sale have since 2020 in the company Supposedly last year with 1.27 trillion WON (969 million US dollar).
According to Coingecko data, it is currently handling a daily trading volume of around $ 560 million.
BITHUMBS former chairman Lee Jung-Hoon was charged in July last year after he allegedly made $ 100 million from the chairman of the BK Group, Kim Byung Gun. Bithumb also belonged to several South Korean crypto exchanges that were searched by local prosecutors last week after investigations were carried out on the collapse of Terrausd.
An FTX spokesman rejected a statement. Bithumb did not answer the request from Blockworks for a comment until the editorial deadline.
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The contribution FTX reports in discussions on the purchase of the South Korean Stock Exchange Bithumb is not a financial advice.