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FTX in talks to buy South Korea-based Bithumb

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Leading cryptocurrency exchange FTX is reportedly in talks to buy Bithumb in South Korea, according to Bloomberg News. reported 22 July.

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The two companies have reportedly been in talks for several months and there are indications that the talks are at an advanced stage.

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A spokesperson for Bithumb did not confirm the development.

Acquisition of Bithumb will help expand into Asia

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FTX’s attempt to acquire Bithumb is in line with its ambition to expand in Asia.

In February, the exchange led by Sam Bankman-Fried bought Japanese crypto exchange Liquid for an undisclosed amount. This purchase gave the firm the right to dispose of all of Liquid’s operating subsidiaries, including Quoine Corporation and its Singapore arm.

Bithumb has a special place in the South Korean crypto market. The exchange is the second largest crypto exchange in South Korea in terms of trading volume, behind only UPbit.

According to the Korea Herald on March 1. reportThe 15 million registered crypto exchange users in the country have processed over $9 billion worth of transactions in 2021.

Meanwhile, South Korea is one of the few countries with strict cryptocurrency regulations.

SBF’s expansion ambitions

In the past few months, SBF has been exploring new opportunities to expand its business.

FTX US has provided BlockFi with 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, provided crypto lender Voyager digital with $200 million and a 15,000 bitcoin (BTC) loan.

FTX also explored buying the troubled Celsius Network before pulling out of the deal.

FTX and FTX US are currently seeking new funds that could be used to fund other acquisitions.





Credit : cryptoslate.com

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