NewsletterBreaking: SBF’s FTX Could Buy S. Korea’s Second Biggest Crypto Exchange
Sam Bankman-Fried’s FTX continues to explore options to expand through acquisitions in the cryptocurrency market. In the last few months, SBF backed several crypto firms including Voyager Digital and BlockFi. The billionaire investor providing revolving credit facility for the beleaguered companies. Meanwhile, FTX is said to be exploring yet another potential acquisition, but this time around in Asia.
FTX Shows Interest In Acquiring Bithumb
According to a Bloomberg report, FTX is in advanced talks to acquire South Korean crypto exchange Bithumb. The report mentioned that the two parties have been in talks for potential purchase for few months now. However, there is no agreement in this regard, as per a Bithumb representative. If the deal goes forward for a successful acquisition, Sam Bankman-Fried would have his wings spread in the South Korea market, an important part in the crypto ecosystem.
Earlier this year, Sam Bankman-Fried said he plans to spend billions on acquiring other companies for further expansions. In an effort to continue his acquisition spree, SBF’s FTX indicated that it was trying raise more funds. This could further boost SBF’s prospects of investing beyond the $1 billion he invested in the crypto market already. The company is aiming companies with large customer bases and those with expertise to help fill FTX’s gaps.
Bithumb’s Domination In South Korea
In a market dominated by Upbit, Bithumb holds a 13% share among South Korean crypto exchanges. According to September 2021 data, Bithumb is in second position for market share in the country’s crypto space. Founded in 2014, Bithumb has a daily trading volume of around $569 million. Trades on the crypto exchange are extended for as many as 188 coins and 290 pairs.
On the other side, Bithumb’s top executives are facing criminal charges for fraud worth 100 billion won. The lawsuit is about a breach of contract which resulted in indictment of the executives, including the exchange’s owner.
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