FTX discussing stake to purchase cryptocurrency alternate Bithumb

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Vidente, the proprietor of South Korean cryptocurrency alternate Bithumb, mentioned on Tuesday it has held discussions a couple of doable sale of its stake to FTX. Talks of one other acquisition are a part of FTX and its founder Sam Bankman-Fried’s (above) aggressive acquisition strategy amid a serious downturn within the cryptocurrency market.

Stefani Reynolds | Bloomberg | Getty Photographs

Vidente, the proprietor of South Korean cryptocurrency alternate Bithumb, mentioned on Tuesday it has held discussions a couple of doable sale of its stake to FTX.

The corporate mentioned it’s reviewing all doable choices, together with a full acquisition of Bithumb or joint administration of the alternate.

Nonetheless, no particular plan of action has been selected, Vidente mentioned.

Talks of one other acquisition are a part of FTX and its founder Sam Bankman-Fried’s aggressive acquisition strategy amid a serious downturn within the cryptocurrency market, which has seen billions of {dollars} in worth eviscerated in the previous couple of months.

Final month, FTX signed a deal giving it the option to buy crypto lending company BlockFi at a most value of $240 million, considerably decrease than the agency’s earlier $4.8 billion valuation.

Earlier this yr, FTX entered into an settlement to acquire Japanese crypto exchange Liquid. If the take care of Bithumb goes by means of, FTX will achieve additional foothold in Asia and specifically South Korea, the place crypto buying and selling may be very common.

Bithumb is one among South Korea’s largest exchanges. At its peak within the final 24 hours, it processed simply over $500 million of trades, in response to knowledge from CoinGecko.

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