Vidente, the landlord of South Korean cryptocurrency trade Bithumb, mentioned on Tuesday it has held discussions a few conceivable sale of its stake to FTX. Talks of some other acquisition are a part of FTX and its founder Sam Bankman-Fried’s (above) competitive acquisition way amid a significant downturn within the cryptocurrency marketplace.
Stefani Reynolds | Bloomberg | Getty Pictures
Vidente, the landlord of South Korean cryptocurrency trade Bithumb, mentioned on Tuesday it has held discussions a few conceivable sale of its stake to FTX.
The corporate mentioned it’s reviewing all conceivable choices, together with a complete acquisition of Bithumb or joint control of the trade.
On the other hand, no particular plan of action has been determined on, Vidente mentioned.
Talks of some other acquisition are a part of FTX and its founder Sam Bankman-Fried’s competitive acquisition way amid a significant downturn within the cryptocurrency marketplace, which has observed billions of greenbacks in worth eviscerated in the previous few months.
Ultimate month, FTX signed a deal giving it the choice to shop for crypto lending corporate BlockFi at a most worth of $240 million, considerably not up to the company’s earlier $4.8 billion valuation.
Previous this yr, FTX entered into an settlement to obtain Eastern crypto trade Liquid. If the handle Bithumb is going via, FTX will achieve additional foothold in Asia and particularly South Korea, the place crypto buying and selling could be very common.
Bithumb is one in all South Korea’s greatest exchanges. At its height within the remaining 24 hours, it processed simply over $500 million of trades, in line with knowledge from CoinGecko.
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