FTX – $1 Billion Seeks Acquisitions…and “Bailouts”? – CryptoNews

The platform FTX undoubtedly stands as one of the current leaders in the cryptocurrency industry. With a dazzling development, obviously accelerated by the bull market of 2021. And an internal management visibly more serious than the competition if we consider the indecent form it displays in the middle of the bear market. As proof, its desire reaffirmed at the beginning of the week to seek to invest $1 billion in this ecosystem sometimes moribund, in the form of acquisitions yet to be defined. But it could also concern the strategic “rescue” of actors in great difficulty…

In the small world of cryptocurrencies, the FTX platform is a rising value. All this in parallel with the investment structure Alameda and under the aegis of its founder and very young billionaire Sam Bankman-Fried. A success story whose development strategy is sometimes very aggressive, to the point of triggering major disagreements. With “rescue” operations that sometimes look more like drowning optimized to get maximum profit.

But it doesn’t matter, because this exchange currently benefits froman envelope of 1 billion dollars intended to make acquisitions in the cryptocurrency sector. A dynamic that is nothing new since it had already been formulated last May, without however specifying an amount on that date. Knowing that this sum corresponds very exactly to the record revenues recorded by FTX over the year 2021. And that some operations have already been carried out since, as part of this opportunistic development plan.

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FTX – $1 billion seek acquisitions

This information comes from a recent interview given by Sam Bankman-Fried to the American business channel CNBC. With the main subject of the founder of the FTX platform, “going from buying his first bitcoin to becoming a multi-billionaire in the last five years alone”. And the opportunity for the latter to present himself as the official savior of this sinking ecosystem in a devastating bear market. Even if, lately, he seems to be spending more time denying certain rumors of takeover operations in the field.

It was important that the industry come out of this in one piece. It won’t be good for anyone in the long run if we get real pain and real breakouts – it’s not fair for customers and it won’t be good for regulations. »

Sam Bankman-Fried

Because Sam Bankman-Fried’s appetite seems as limitless as the zeros lined up in his wallet. With as last official operations, the acquisitions of the Japanese platform Liquid and the derivatives structure LedgerX. But also positions taken within giants like Robinhood. Whether this is to be subtracted from the billion allegedly waiting for targets to be conquered, no statement allows us to know.

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In parallel with this intervention by Sam Bankman-Fried, the Alameda Research structure has just announced the reimbursement of 200 million dollars loans taken out with Voyager Digital, which is in the process of filing for bankruptcy. This should allow it to recover in return 4.6 million FTT tokens from the FTX platform (about $112 million) and 63.75 million SRM from the DEX Serum (about $49 million) deposited as collateral. Because before investing to save the cryptocurrency sector, it is best to start by clearing your current slates…

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FTX – $1 Billion Seeks Acquisitions…and “Bailouts”? – CryptoNews


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