Crypto derivatives exchange FTX is reportedly in talks to purchase Bithumb, one of South Korea’s top five cryptocurrency exchanges.
See related article: BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients
Fast facts
- The two exchanges have been discussing the deal for several months, according to an anonymous source who told Bloomberg.
- Neither Bithumb nor FTX has responded to Forkast for comment on the matter as of press time.
- FTX cofounder and chief executive Sam Bankman-Fried has supported firms that suffered a liquidity crisis such as BlockFi and Voyager Digital.
- Bithumb is among the only five crypto exchanges that are licensed in South Korea to operate cash-to-crypto services.
- Bithumb was responsible for 17.1% of total crypto trade volume in South Korea last year, only behind Upbit exchange.
See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation