This crypto winter is not only dominated by liquidation problems among major industry players, but also FTX. Sam Bankman-Fried’s trading platform is the subject of a new takeover rumor about every day. Now South Korean Bithumb seems to be the next party on Bankman-Fried’s shopping list.
8 million registered users
In any case, Bithumb is not about a small player that might acquire FTX to enter the South Korean market. According to Bloomberg, we won’t have to wait long for white smoke either, as the talks have been going on for “several months.” Naturally, FTX representatives declined to comment on the rumours. Bithumb has not yet made an official response.
Despite a cumulative trading volume on the platform of over $1 trillion, Bithumb has struggled to stay afloat over the years. For example, in 2020, the trading platform faced some lawsuits and there were rumors that Huobic wanted to take over the platform. However, the latter never happened.
Expansion drive of FTX
FTX is not standing still in other places in the world either. Last month, for example, it acquired Canadian trading platform Bitvo. In a statement Bankman-Fried stated that the purchase is intended to increase FTX’s global reach. “Our expansion in Canada is another step in working proactively with lawmakers in various jurisdictions around the world,” said Bankman-Fried.
Furthermore, FTX is currently in the process of acquiring the troubled lending platform BlockFi in a deal totaling $680 million. In June, people in the corridors were even talking about a takeover of Robinhood, which had to lay off 9 percent of the staff in April due to disappointing growth. Bankman-Fried denied that latest rumor.
It is clear that FTX is not done with this winter yet. Last month, Bankman-Fried said that FTX had “a few billion” on the shelf to “stabilize” other crypto companies. Which in Bankman-Fried’s language means that there is a good chance that he wants to take over a few other parties with his companies.