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FTX in talks to buy South Korea-based Bithumb
The two companies have reportedly been in talks for months, and there are indications of the negotiations being at an advanced stage.
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Updated: Jul. 23, 2022 at 12:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Leading crypto exchange FTX is reportedly in talks to purchase South Korea-based Bithumb, Bloomberg News reported July 22.
The two companies have reportedly been in talks for months, and there are indications of the negotiations being at an advanced stage.
A Bithumb spokesperson did not confirm the development.
Bithumb acquisition to help Asia expansion
FTX’s attempt to purchase Bithumb is in line with its expansion drive in Asia.
In February, the Sam Bankman-Fried-led exchange bought Japanese crypto exchange Liquid for an undisclosed sum. This purchase gave the firm right over all Liquid’s operating subsidiaries, which included Quoine Corporation and its Singapore-based unit.
Bithumb holds a distinct position in the South Korean crypto market. The exchange is the second-largest crypto exchange in South Korea by trading volume, behind only UPbit.
According to a March 1 Korea Herald report, 15 million registered crypto exchange users in the country processed over $9 billion transactions in 2021.
Meanwhile, South Korea is one of the few countries with strict crypto regulations.
SBF’s expansion ambitions
SBF has explored new avenues for expanding his businesses in the past few months.
SBF’s FTX US gave BlockFi a $400 million loan and also has an option to buy the firm for $240 million depending on its performance.
Another of his firms, Alameda Ventures, gave embattled crypto lender Voyager digital $200 million and a 15,000 Bitcoin (BTC) loan.
FTX also explored buying distressed Celsius Network before backing out of the deal.
FTX and FTX US are currently looking to raise new funds which could be used to fund other acquisitions.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.