More Acquisitions Ahead as FTX and FTX US Exploring More Fundings

FTX and FTX handled their responsibilities and helped troubled crypto exchanges, said Sam-Bankman Fried.

Bahamian crypto exchange, FTX is one the rare companies which was not only surviving the crypto winter, but was sailing out against the stream. At the time when almost every other cryptocurrency saw a massive fall that led many crypto firms seeking safe passage to save themselves from crypto winter, FTX was playing bold moves.

Now reports are that FTX and its United States subsidiary, FTX US, are looking for fundings. During the situation of heavy crypto market downturn, crypto exchange and its US arm went on for acquisitions of many companies, who were facing tough situations.

On Wednesday, co-founder and CEO of FTX, Sam Bankman Fried, reportedly put his thoughts on raising more money. SBF anticipates to raise at least a similar amount of money that FTX and FTX US had raised earlier. In January, this year, both the companies had raised almost similar funding of $400 million. This funding made FTX an exchange with a valuation of $32 billion while the overall valuation of FTX US became $8 billion.

In May, 2022, FTX US announced their plan of acquiring Embed Financial Technologies. FTX US purchasing investment innovation provider company came in the wake of following their plans of strengthening their stock offerings.

Additionally, the US subsidiary of crypto exchange also provided a $400 million worth credit facility to beleaguered crypto lending firm, BlockFi. Moreover, the exchange firm has also intended to acquire the crypto lender.

Crypto Exchange FTX was also not left behind as it was also involved in different acquisitions. In June, 2022, the company announced that it had acquired Bitvo—Canada based crypto firm. Moreover, it was also reported to consider buying commission-free trading service provider Robinhood.

In an interview, while citing FTX and FTX US purchasing crypto firms, SBF said that both his companies took it as their responsibility to monitor the situations and if needed, move forward to help such companies in trouble and prevent them from collapsing.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing