Summary: Vidente, the owner of South Korean cryptocurrency exchange Bithumb, said he held discussions about possibly selling a portion of its stake to Sam Bankman-Fried’s company FTX, according to a CNBC report.  This report confirms rumors that surfaced last week of the same news from an anonymous source. Now those rumors are confirmed from Bithumb themselves ...

Vidente, the owner of South Korean cryptocurrency exchange Bithumb, said he held discussions about possibly selling a portion of its stake to Sam Bankman-Fried’s company FTX, according to a CNBC report

This report confirms rumors that surfaced last week of the same news from an anonymous source. Now those rumors are confirmed from Bithumb themselves saying it is reviewing a full acquisition or joint management of the exchange. 

Vidente confirmed that no course of action has been decided on, at  the moment. 

This announcement comes less than a week after Bitpush reported FTX was considering raising funds amid Bankman-Fried’s aggressive acquisition approach amid a major crypto market downturn. 

Last month, FTX signed a deal giving it the option to acquire crypto lending company, BlockFi, at a maximum of $240 million. In addition, earlier this year, FTX launched a trading venue in Japan, providing local investors with crypto services. Shortly after that, FTX acquired Bitvo, a Canadian cryptocurrency platform. 

If this deal to acquire or jointly manage Bithumb goes through, it would give FTX a greater foothold in Asia and particularly South Korea, where Bithumb operates out of. Bithumb is one of South Korea’s largest exchanges, who has done $479 million in trading volume in the last 24 hours, according to CoinGecko data. 

Author: Tyler Irvin