FTX CEO Sam Bankman-Fried Says Exchange Ready to Spend Billions on Acquisitions
Categories: Crypto News US
FTX Ready to Spend Money on Acquisitions Bahamas-headquartered crypto exchange FTX is primed to deploy large sums of money toward the acquisition of other companies, its CEO SBF told Bloomberg in a recent interview.Billionaire SBF said the exchange is committed to expanding its product suites which could be beyond just digital assets. He added that FTX’s recent rounds of fundraising whereby it raised more than $2 billion could be used toward financing the acquisition moves It should be recalled that SBF has spent a lot on FTX’s marketing and PR campaigns. FTX captured mainstream attention through Super Bowl ads last year, bagged the naming rights to the Miami Heat’s home court, and its logo on Major League Baseball umpire uniforms.In recent news, FTX has been making moves in the traditional finance space which could help the exchange take some market share from the likes of popular stocks trading exchange Robinhood. It is also worthy of note that SBF recently purchased a significant stake (7.6%) in Robinhood. Earlier this year in January, FTX raised $400 million at a $32 billion market valuation, thereby bringing its total amount raised to date to $2 billion. Similarly, FTX’s US off-shoot, FTX US raised $400 million in its own fundraising round. FTX is Already on An Acquisition Spree It is worthy of note that last year, FTX US bought LedgerX, a CFTC-regulated exchange and clearinghouse in an attempt to gain entry into the booming US crypto derivatives market. Similarly, in April 2022, FTX purchased a significant stake in IEX Group Inc., owner of the stock-trading platform made popular by “Flash Boys.”