Vidente, Bithumb Holdings’ largest shareholder, Reviewed Advertising Bithumb to FTX (Up to date August 2022) #Vidente #Bithumb #Holdings #biggest #shareholder #Reviewed #Offering #Bithumb #FTX #Updated #August


[Executive Summary]

◼ Bithumb Holdings’ most significant shareholder Vidente acknowledged that it has thought of marketing Bithumb to FTX, an American virtual asset exchange. Some speculate that the offer will not be produced because of to Bithumb’s elaborate governance framework.

Bithumb Holdings’ greatest shareholder Vidente acknowledged that it has reviewed selling Bithumb to FTX, an American digital asset trade. Vidente said in an electronic disclosure on July 26th, “It is accurate that we have contacted and negotiated with FTX to dispose of the financial investment securities of Bithumb Korea Co., Ltd. and Bithumb Holdings Co., Ltd.” It also said, “We are looking at all possibilities this sort of as acquisition or joint administration as a result of joint profits or preferential order rights.” Personnel from Vidente described that FTX has earlier asked for to purchase Bithumb, yet the negotiation started off this calendar year.

When the cost of virtual currency plummeted this year, FTX furnished unexpected emergency cash to a few virtual asset-similar businesses in a liquidity disaster and took about administration rights. FTX’s acquisition of Bithumb can also be interpreted as an attempt to buy an exchange before its value recovers from the fall which resulted from the plummeted value of cryptocurrencies.

Even so, some speculate that FRX’s acquisition of Bithumb will not be finalized, considering that there have been several other firms that unsuccessful to do the same due to Bithumb’s sophisticated governance structure. A current market insider explained, “Bithumb has the most intricate governance structure of all VASPs in Korea. Other foreign corporations which include JP Morgan tried to receive the exchange, but all were unsuccessful.” He continued, “The advanced governance framework may perhaps bring about difficulty for the acquisition this time as perfectly.”

It can be fairly inferred that FTX is constantly trying to enter the Korean digital asset marketplace. Sector participants and particularly those who purpose to enter the Korean digital asset marketplace are recommended to monitor the growth and progress of FTX’s endeavours, for it is the world’s biggest VASP whose entrance would set an unignorable precedent and benchmarks.  

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