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Finance

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.

By Nelson Wang
AccessTimeIconJul 26, 2022 at 3:26 p.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC
Bithumb is one of South Korea's largest crypto exchanges (Shutterstock)

Bithumb is one of South Korea's largest crypto exchanges (Shutterstock)

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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 Wang

Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Follow @NelWang on Twitter

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