Billionaire and FTX co-founder Sam Bankman-Fried said the major crypto asset exchange is aiming to make multiple acquisitions and could spend up to $2 billion on such efforts. The chief executive officer of FTX highlighted in a recent interview that a fraction of the money raised by the company was “obviously viewed from a potential takeover angle.”
FTX executive Sam Bankman-Fried says funds raised could be used for acquisitions
Sam Banksman-Fried spoke with Bloomberg’s Alison Verspril and Yuki Yang in an interview on Friday and explained that FTX is looking at expansion moves and acquisitions. Crypto exchange FTX and its parent company West Realm Shire Services Inc. have raised over $2 billion from investors.
FTX trading volume data shows that it is the second largest cryptocurrency trading platform behind Binance in terms of global trading volume. During the last 24 hours, FTX has recorded $1.56 billion in crypto trades with its 338 coins and 524 trading pairs.
Bankman-Fried explained during an interview with Bloomberg’s Versapril and Yang that the company’s War Chest of funds could be used for multiple acquisitions.
“FTX is a profitable company,” the FTX executive explained. “You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That probably shows where we are in terms of cash that’s clearly seen from a potential acquisition angle. was. “
The FTX co-founder further elaborated that the company wants to be able to offer more products to customers so that they can stay on the platform for all of their needs, commented Bankman-Fried. As far as the acquisition is concerned, Bankman-Fried said the firm is keeping a focused lookup. The FTX executive said:
It is always something we are open to and keep our ears to the ground.
FTX US launched a zero commission equity trading platform following Bankman-Fried’s comments. Friday’s discussion also follows Bankman-Fried’s statements regarding bitcoin (BTC) and the network’s potential to be a payment network.
Bankman-Fried was named one of the “100 Most Influential People of 2022” by Time and Time.com writer Andrew R. Chow featured the FTX CEO in a profile editorial.
What do you think of the CEO of FTX explaining his plans to use the money to acquire and expand companies? Let us know what you think about this topic in the comment section below.
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