Cryptocurrency firm FTX is in talks to acquire South Korea-based crypto exchange Bithumb, a source told Bloomberg.
Discussions have been going on for months, the report stated, citing an anonymous source. However, the potential valuation of the deal remains undisclosed. Spokespersons from both companies declined to comment on queries from Bloomberg.
This is the latest move by Bahamas-based FTX to take advantage of the current crypto turmoil to absorb troubled competitors. Earlier this month, the firm was reportedly looking to buy embattled crypto lender BlockFi for just US$25 million, a hefty discount for a company that was once valued at US$4.8 billion. Last month, FTX also reached a deal to purchase another rival, Canada-based Bitvo, for an undisclosed amount.
The buying spree is expected to continue as FTX founder Sam Bankman-Fried is actively raising funds for his US$1 billion bet to snap up firms during the market rout.
Founded in 2014, Bithumb is one of the biggest crypto exchanges in South Korea with a daily trading volume of more than US$560 million. The company reached unicorn status last year as a result of the crypto boom in the country. Last week, it was among several exchanges that were raided by Seoul prosecutors following the investigation into the Terra collapse in May.
See also: Hodlnaut may have had $187m exposure to Terra collapse
Editing by Miguel Cordon and Joy Tirkey
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