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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.
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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Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
