Media: FTX in talks to buy Bithumb

According to sources, the companies have been discussing this issue for months

24.07.2022 - 07:00

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2 min

What’s new? Cryptocurrency exchange FTX, owned by Sam Bankman-Fried, is in talks to buy the South Korean platform Bithumb. According to Bloomberg, citing insiders, the companies have been in confidential discussions for months. Representatives of Bithumb said that they are not ready to confirm this information at this time. FTX refused to comment at all.

Bloomberg’s material

FTX’s development plans. During the downturn in the crypto market, Bankman-Fried announced several major deals. For example, his company Emergent Fidelity Technologies bought a 7,6% stake in the online broker Robinhood in the amount of $648,29 million. Bankman-Fried provided loans of $400 million to the crypto platform BlockFi and the broker Voyager Digital for 15 000 BTC and $200 million. FTX also revealed plans to buy Canadian crypto platform Bitvo.

But Bankman-Fried does not stop there. Bloomberg reported the other day that the exchange is in talks to raise new funds. FTX and its US unit, FTX US, plan to hold new funding rounds and raise $400 million each. Later, Alameda, owned by Bankman-Fried, offered to buy the assets of the bankrupt Voyager.

What is known about Bithumb? The platform was founded in South Korea in 2013 and hosts around 200 different coins and 290 trading pairs available. The daily trading volume as of July 23 is $715,36 million, according to CoinMarketCap.

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