Amid the market turmoil, cryptocurrency exchange FTX has approached acquiring struggling companies in the sector. Everything indicates the business is targeting the Bithumb exchange.
Bithumb majority owner Seer confirmed to Bloomberg on Tuesday that he has been in talks with exchange FTX about a possible sale of his holdings. The statements corroborate a previous report from that news agency that anticipated that both companies were in advanced discussions about the possibility of the purchase agreement.
According to the most recent report, the company is reviewing all possible options, including a full acquisition of Bithumb or co-management of the exchange.
Earlier this year, FTX agreed to acquire the Japanese crypto exchange Liquid. If the deal with Bithumb goes through, FTX will gain a further foothold in Asia, particularly South Korea, where crypto trading is very popular. (1)
However, no specific course of action has been decided, Seer said. A person familiar with the matter had already revealed that the companies had been in talks for several months.
Founded in 2014, Bithumb is one of the largest digital asset trading platforms in South Korea. With more than 8 million registered users, it currently processes around $500 million in average daily trades.