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FTX Exec accelerating his Bithumb acquisition plan

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FTX Exec accelerating his Bithumb acquisition plan 6

The founder of crypto exchange firm FTX, Sam Bankman-Fried, plans to acquire Bithumb a South Korean crypto exchange while increasing his acquisitions.

As reported by CNBC on 26 July, Vidente who owns Bithumb confirmed the information about the acquisition of the exchange, and that talks about the possible sale have already started to come up.

In particular, FTX is considering various options, including a full takeover of Bithumb or joint management of the exchange, as they move towards the acquisition of the crypto exchange.

This deal further aims to increase the foothold of Bithumb in the Asia region, where the exchange has already signed various agreements previously. As of now, Bithumb is amongst the popular exchanges in the Asia region.

Bithumb’s acquisition by FTX comes at a time when South Korea is planning and tightening its cryptocurrency regulations. Interestingly, the latest attempt by FTX to enter the sector has been opposed by prominent financial figures in the country.

“Currently, there is no reason for FTX to enter the Korean crypto market as the financial authorities tighten regulations and prosecutors continue to expand investigations into crypto exchanges,” said Lee Tai-ki, a researcher at the Korea Institute of Finance.

The recent actions and the country tightening its grip on the crypto space were recently highlighted by the government’s crackdown on major South Korean crypto exchanges as a follow-up of a wider investigation into the collapse of the Terra (LUNA) ecosystem.

It is important to note that with the rapid crypto market crash, many businesses have been affected that are struggling to maintain and continue operations. As a result, Bankman-Fried expressed his interest in protecting many organizations from stormwater withdrawals.

Following this FTX has signed some high-profile acquisition deals, that include an option to buy crypto lending company BlockFi for up to $240 million. While this amount is significantly less than the company’s previous valuation which was $4.8 billion.

FTX also made a deal to acquire Liquid, a Japanese crypto exchange.

While considering the overall scenario, the current market downturn has bankrupted businesses, with Celsius and Voyager Digital Platforms among the prominent firms. Furthermore, Bankman-Fried also provided a loan to Voyager Digital by his firm Alameda Research.

Read also: US Treasury’s Office investigation against Kraken exchange

FTX Exec accelerating his Bithumb acquisition plan

 

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