FTX in Talks to Acquire South Korea’s Bithumb

FTX in Talks to Acquire South Korea’s Bithumb

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Amid the “crypto winter” where many firms seem to be falling off, like Binance, Sam Bankman-Fried FTX keeps upsurging, with a report of Bithumb acquisition in progress.

According to a report by Bloomberg on Friday, Sam Bankman-Fried is reportedly in talks to buy South Korea’s cryptocurrency exchange, Bithumb citing someone familiar with the matter.

According to the person who requested his identity to be confidential, FTX has been in advanced discussion to buy Bithumb for several months.

A spokesperson for Bithumb exchange in an interview declined the report, according to him, “we cannot confirm anything at this stage.”

Bithumb is a South Korean-based cryptocurrency exchange founded in 2014, according to data by Coingecko, it processes approximately $569 million worth of trades on its platform every 24 hours.

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FTX Taking Advantage of the Current Market Conditions 

Amid the current crypto crash, more crypto-related firms are laying off while others are running bankrupt, FTX is among the very few crypto exchanges that have managed to keep their heads above water.

In June, there was a report of FTX planning to acquire Robinhood.

Also early in July, FTX rescued embattled crypto lender BlockFi in a $680 million deal with an option to buy.

Sam Bankman-fried recently said FTX still has “a few billion” that could be used to rescue shaky crypto firms which in theory, those funds may be used to buy them.

On Friday, Sam Bankman-Fried said that he is “happy to do what we can,” as a response to helping out Voyager regarding its liquidity crisis.

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