- Two significant crypto firms Ripple and FTX are planning on acquisitions amidst the bearish trends in the overall crypto market.
- Seems like, both of the entities are utilizing the recent market crash as a purchasing opportunity to bolster further growth.
- Ripple CEO Brad Garlinghouse predicts more Mergers and Acquisitions in the crypto space.
While the recent bearish trends have resulted in an overall fall in cryptocurrencies. But two of the most significant crypto firms are turning their heads toward acquisition targets after the price meltdowns in the space.
A CNBC report highlighted that Ripple and FTX, both have signified their plans to look for good acquisition targets. As they seem to utilize the recent market crash as a purchasing opportunity to boost growth. The report asserts that the hunt is a sign that the crypto entities feel they have become large and well-capitalized enough to begin splurging cash on acquisitions.
According to the president of crypto exchange FTX U.S., Brett Harrison who talked to CNBC in an interview, his company is in a very good spot in terms of its capital and cash and that it will look around the market for potential mergers and acquisitions opportunities.
Furthermore, Harrison highlighted that the crypto firm wants to look for companies that could facilitate them to acquire more users or regulatory licenses.
Whereas, CEO of Ripple, Brad Garlinghouse, also said that the company has a very strong balance sheet. And he further predicted an uptick in Mergers and Acquisitions in the crypto space.
Well, the recent crypto crash has left many with losses and shock, and in contrast, there are entities like FTX and Ripple who see it as an opportunity. This signals the surprising nature of the crypto sphere.
The Crypto market has indeed seen a lot of changes lately, like the Terra ecosystem’s meltdown which left the community in shock as the investors lost massive funds. And there were certain other things too. To conclude, let’s see how the crypto market would further perform in the year.
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Source: https://www.thecoinrepublic.com/2022/06/07/ripple-and-ftx-quite-vehement-on-acquisitions-despite-the-market-downtrends/