Crypto Exchange Ready to Spend Billions on Acquisitions, Says FTX CEO – Bitcoin News

Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto-asset exchange aims to make massive acquisitions and could spend as much as $2 billion on such efforts. The FTX CEO emphasized in a recent interview that a small percentage of the funds raised by the company are “explicitly viewed from the perspective of a potential acquisition.”

FTX exec Sam Bankman-Fried says funds raised could be used for acquisitions

Sam Bankman-Fried in a interview Explained Friday with Bloomberg’s Allyson Versprille and Yuqi Yang FTX Expansion moves and acquisitions are being considered. Cryptocurrency exchange FTX and its parent company West Realm Shire Services Inc. have raised more than $2 billion from investors.

FTX transaction volume data It is shown that it is the second largest cryptocurrency trading platform in the world after Binance. Over the past 24 hours, FTX recorded $1.56 billion in crypto transactions across its 338 coins and 524 trading pairs.

Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisitions

In an interview with Bloomberg’s Versprille and Yang, Bankman-Fried explained that the company’s cash reserves could be used to make several acquisitions.

“FTX is a profitable company,” the FTX executive explained. “You can look at the money we’ve raised over the last year or two — billions of dollars. That might give us an idea of ​​where we stand in terms of cash from a potential acquisition standpoint.”

Bankman-Fried said the FTX co-founder further detailed that the company wants to be able to offer customers more products so they can stay on the platform for all their needs. In terms of acquisitions, Bankman-Fried said the company is watching closely. The FTX executive added:

It’s always something we have to open our hearts up to and keep our ears close to the ground.

Bankman-Fried’s comments follow FTX US emission Zero-commission stock trading platform.Friday’s discussion also followed Bankman-Fried’s statement About Bitcoin (bitcoin) and the ability of the network to become a payment network.

Bankman-Fried was also named one of the “100 Most Influential People of 2022” by TIME and author Andrew R. Chow. Profile Editorial.

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What do you think of the FTX CEO explaining its plans to use the funds to acquire companies and expand? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for News on the disruptive protocols emerging today.

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