Bankman-Fried’s FTX Might Purchase Bithumb Crypto Exchange

Sam Bankman-Fried’s FTX might purchase the South Korean crypto exchange Bithumb and it seems that the company appears to be exploring more acquisition options so let’s read more today in our latest cryptocurrency news.

Over the crypto winter, rumors of FTX acquiring the struggling crypto companies proliferated and now Bithumb is said to be on FTX CEO Sam Bankman’s shopping list. According to reports from Bloomberg, Bankman-Fried’s FTX might purchase Bithumb which has more than 8 million registered users. The conversations were in the progress for a few months. When asked to confirm or deny the report, the FTX representative said “no comment” and Bithumb still hasn’t commented.

happy to do what we can to get liquidity to Voyager's customers: https://t.co/zDtGMfGq64 https://t.co/MdoIfU229B

— SBF (@SBF_FTX) July 22, 2022

Despite seeing more than $1 trillion in total volume traded on the exchange, Bithumb struggled on and off over the past few years, and back in 2020, Bithumb faced plenty of lawsuits and Huobi also wanted to acquire it but never did. Last month, FTX acquired the Canadian exchange Bitvo and SBF even stated that the purchase was made to expand the global reach of rthe exchange:

“Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”

FTX is in the process of buying Blockfi in a $680 million credit and an acquisition deal and in June the rumors swirled that FTX was in talks to acquire Robinhood and laid off 9% of the staff back in April because of the slowed growth but SBF denied these reports. With that said, it makes sense that FTX could be looking to acquire other crypto companies at a discount during the bear market. Bankman Fried said that FTX has af ew billions that can be deployed to stabilize other companies and in theory, the funds can also be used to buy them.

It is unclear whether Bankman-Fried’s exchange will acquire Bithumb but the exchange is still working to fulfill the responsibility to stabilize the industry at large. In the wake of Voyager and Celsius’s bankruptcy filing, the retail investors were unable to access or withdraw the funds. Bankman Fried said he is quite happy to do what he can to help out.

As recently reported, Sam Bankman Fried considers acquiring troubled crypto mining companies next and said helping bail out these companies might mitigate the credit line contagion on the market.