• Wed. Jun 19th, 2024

Bankman-Fried’s FTX Reportedly In Talks To Buy This South Korean Crypto Exchange

ByBibhu Pattnaik

Jul 24, 2022
Bankman-Fried's FTX Reportedly In Talks To Buy This South Korean Crypto Exchange


FTX Trading Ltd., the owner of crypto exchange FTX, is reportedly looking to buy South Korean crypto exchange Bithumb, Bloomberg reports.  

Bloomberg quoted a person familiar with the matter saying that the acquisition talks have been ongoing for several months. 

Bithumb has over 8 million registered users. Even though the exchange has seen over $1 trillion in total volume traded, Bithumb has been faced with challenges during its years in business.

According to the CoinGecko data, Bithumb currently processes around $569 million worth of trades on its platform daily. 

In 2020, Huobi was reportedly looking to acquire Bithumb, but the deal never went through. 

Also Read: Morgan Creek Is Trying To Bailout BlockFi To Counter FTX: Here’s How

Sam Bankman-Fried’s FTX and its American entity FTX US are in talks to raise fresh capital. 

Last month, FTX was in talks to acquire a stake in BlockFi after extending a $250 million credit line. 

In the same month, FTX acquired the Canadian crypto exchange Bitvo to expand FTX’s global reach. 

FTX has recently announced a joint offer with West Realm Shires Inc., the owner, and operator of FTX US, and Alameda Ventures Ltd, to provide early liquidity to customers of Voyager Digital Ltd VYGVQ

Photo: Shutterstock


Image and article originally from www.benzinga.com. Read the original article here.