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Expansion Plans: Is FTX Initiating a Bithumb Acquisition?

 


Sam Bankman-Fried's empire seems to keep growing. The billionaire is buying up other companies and shares through his two companies, Alameda Research and FTX. In recent months, his companies have been busy putting up rescue packages for Voyager Digital and BlockFi. In both cases, shares in the ailing CeFi lenders were secured in return.


They were also active in Canada and bought Bitvo, which according to an official statement from FTX should serve their own expansion plans. But in Canada it doesn't seem to be over yet, because according to a report by Bloomberg, FTX is said to be in takeover talks with Bithumb.


The South Korean exchange is one of the largest local providers alongside Upbit and Coinone and has been active on the market since 2014. So far, both companies have not commented on the report publicly or to the press.


Will FTX Outperform Competitor Binance?

The growth trajectory via acquisitions has been followed for several years and the expansion of FTX and Alameda recently became a meme. Which company would not like to buy "SBF" with its two companies? At least this is the question that loyal fans ask and thus comment on the competition that prevails between FTX and Binance.


In fact, one gets the impression that Bankman-Fried wants to use the current crisis in the market to expand its position against Binance. To do this, he needs a reasonably intact market, which explains the rescue attempts in the case of BlockFi and Voyager. The second element are established stock exchanges in different countries, which preferably already meet all regulatory requirements.


Binance was again pleased to receive a license in France in May. The two competitors are thus pursuing similar goals, but each with different means. FTX is currently still in second place behind Binance, but this could change in the future.


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