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FTX in Talks to Buy South Korean Crypto Exchange Bithumb: Report
Bithumb’s parent company is considering either an outright sale or a joint ownership.
By Nelson Wang
Updated May 11, 2023, 4:18 p.m. Published Jul 26, 2022, 3:26 p.m.
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Vidente, the owner of popular South Korean crypto exchange Bithumb, said it is in talks to sell its stake to FTX, according to a report on Tuesday from CNBC.
- Vidente is reportedly considering either a full acquisition of Bithumb by FTX, or joint management of it, according to the report. It hasn't made a final decision yet.
- FTX, which is also a crypto exchange, declined to comment on the CNBC report.
- FTX has been buying and helping bail out crypto firms over the last few months. In late June, it agreed to provide crypto lender BlockFi a $400 million credit facility and potentially acquire BlockFi for as much as $240 million. And in February, FTX acquired Japanese crypto exchange Liquid Group.
- Bithumb is one of South Korea’s largest crypto exchanges, with $734 million in trading volume over the last 24 hours, according to CoinMarketCap.
Read more: FTX's Bankman-Fried Says It’s Worth Losing Money to Prop Up Crypto Industry
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