FTX All Set To Acquire South Korea’s Largest Exchange, Bithumb

Revenue Growth of FTX Surges by Over 1000% To $1.02B in 2021
  • Morgan Stanley was preparing to acquire Bithumb for $441 million in March.
  • FTX bought the Japan-based exchange Liquid early this year.

According to a report from Bloomberg on Friday, cryptocurrency behemoth FTX is close to acquiring South Korea’s largest cryptocurrency exchange, Bithumb. According to those with direct knowledge of the negotiations, the transaction is already well underway. Its financial details have not yet been made public.

However, both sides have refused to comment on the agreement. In October 2018, Dr. Kim Byung Gun’s BK Global Consortium purchased Bithumb for $354 million, making it one of the largest acquisitions in the cryptocurrency industry.

Buying Spree During Bear Market

South Korean media outlet Naver reported in March that Morgan Stanley was preparing to acquire Bithumb for $441 million, a figure that has since been confirmed. However, the agreement never came to fruition.  There have been speculations about Nexon purchasing Bitstamp, but the Korean gaming company disputed the reports.

FTX is reportedly in talks to buy popular trading app Robinhood, according to a report from Bloomberg published at the end of June. However, the purchase proposal was rejected. In the midst of the continuing market crisis, FTX has been on a purchasing binge. The crypto giant recently came to an agreement with BlockFi that enables it to purchase the troubled crypto lender for up to $240 million.

According to Bankman-Fried earlier this month, his organization had a few billion dollars to help distressed crypto startups. Additionally, after reaching a $32 billion value in January, the exchange plans to seek additional capital. It’s not clear how much more money the crypto-giant expects to raise in the future.

FTX bought the Japan-based exchange Liquid early this year. Although the amount was not disclosed, the acquisition saw FTX buy all of Liquid’s operational offshoots. These comprise the Singapore offices of the business and Quoine Corporation.

Recommended For You:

FTX Shows a Ray of Hope to the Voyager Digital Investors

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.