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FTX and Bithumb Are in Negotiations

The crypto exchange FTX has considered acquiring struggling businesses in the industry amid the instability in the market. Everything suggests that the company is focusing on the Bithumb exchange.

Seer, the principal owner of Bithumb, acknowledged to Bloomberg on Tuesday that he had spoken with exchange FTX about the possibility of selling his assets. The assertions support an earlier story from that news organization that suggested both businesses were engaged in advanced conversations over the prospect of the purchase agreement.

The most recent report indicates that the business is considering all options, including a full takeover of Bithumb or joint operation of the exchange.

This year, FTX and Liquid, a Japanese cryptocurrency exchange, reached an acquisition agreement. If the agreement with Bithumb is successful, FTX will expand its presence in Asia, notably South Korea, where cryptocurrency trading is quite common.

Seer noted that no definite line of action has been chosen. The corporations have been in discussions for a number of months, according to a person with knowledge of the situation.

One of the biggest trading platforms for digital assets in South Korea, Bithumb, was established in 2014. It presently handles an average of $500 million worth of deals per day and has more than 8 million registered users.

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