Merger and Acquisitions are crucial for businesses in general, now crypto exchange FTX is taking a similar path seeking growth.
Bahamian Cryptocurrency exchange FTX can soon be seen taking bold moves towards acquisitions of other notable firms while looking for its growth. This insight came from an interview where Billionaire founder and CEO of FTX, Sam Bankman-Fried teased about the company’s such plannings. During the interview with Allyson Versprille and Yueqi Yang of Bloomberg on Friday, FTX founder explained that the crypto exchange firm is thinking of expanding its moves through acquisitions.
Reports are that the parent company of crypto exchange West Realm Shire Services Inc. and FTX itself, have raised a fund of approx $2 billion from investors. Fried said the aim of leading crypto exchange is to make several acquisitions and would spend the raised fund on such efforts. He also outlined that a part of the funds was being viewed from the potential angle of acquisition.
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As per the trade volume of FTX data, it’s the second-largest crypto exchange after Binance by global trading volume. Currently, FTX has about 338 coins and 524 trading pairs available on the platform while recording $1.56 billion worth crypto trades in the last 24 hours. FTX CEO said during the interview that the company could leverage this significant amount of funds for numerous acquisitions.
Further FTX executives explained that FTX is a profitable company and while looking at the amount raised by the company during the last couple of years it has raised a few billion dollars. He said this could give a sense of the company’s path leading in terms of cash from a potential angle for its acquisition plans.
FTX co-founder further explained that the company wants to cater the needs of customers and offer them more products to make them stick to the platform for all their requirements. Regarding the acquisitions, Bankman-Fried, citing while the firm is focusing over more lookouts, added that they are going to open and keep their views over the ground as it’s always something to capture.
Following the comments of FTX CEO, the US subsidiary of a cry[to exchange has launched a trading platform with zero commission on equities. While the discussion on Friday, statements of Bankman Fried were also followed that were concerned about bitcoin (BTC) and its ability to act as a payment netowrk.
Source: https://www.thecoinrepublic.com/2022/05/29/how-ftx-ceo-sam-bankman-fried-planning-to-initiate-acquisition-deals-worth-billions/