FTX Discusses Stake in Buying Bithumb Cryptocurrency Exchange

Vidente, owner of South Korean cryptocurrency exchange Bithumb, said on Tuesday it was in talks to sell its stake to FTX. Talk of another acquisition is part of an aggressive approach by FTX and its founder Sam Bankman-Fried (see above) amid a severe downturn in the cryptocurrency market.

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Vidente, owner of South Korean cryptocurrency exchange Bithumb, said on Tuesday it was in talks to sell its stake to FTX.

The company said it is considering all possible options, including a full acquisition of Bithumb or joint management of the exchange.

However, according to Vidente, no concrete action has been taken.

The talk of another acquisition is part of FTX and its founder Sam Bankman-Fried’s aggressive acquisition approach amid a severe downturn in the cryptocurrency market, which has seen billions of dollars in value depreciate over the past few months.

Last month, FTX signed an agreement giving it opportunity to buy BlockFi crypto lending company at a top price of $240 million, well below the firm’s previous valuation of $4.8 billion.

Earlier this year, FTX entered into an agreement to buy Japanese cryptocurrency exchange Liquid. If the Bithumb deal goes through, FTX will strengthen its position in Asia and in particular in South Korea, where cryptocurrency trading is very popular.

Bithumb is one of the largest exchanges in South Korea. At its peak, it has processed just over $500 million in the last 24 hours, according to CoinGecko.

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