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.

Jul 26, 2022 at 3:26 p.m. UTC

Updated Jul 26, 2022 at 4:02 p.m. UTC

CDCROP: Bithumb website (Shutterstock) — Bithumb is one of South Korea's largest crypto exchanges (Shutterstock)

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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.

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