Crypto Exchange FTX CEO Says – Acquiring Goldman Sachs and CME Is Possible

Crypto Exchange FTX CEO Says - Acquiring Goldman Sachs and CME Is Possible
  • The CEO of FTX says acquiring Goldman Sachs and CME is possible.
  • He has an approximate net worth of $8.7 billion.
  • M&A is going to be the most likely use of the funds.

The CEO of FTX Cryptocurrency Exchange, Sam Bankman-Fried has said, acquiring Goldman Sachs and CME is possible if this exchange beats competition from Binance and Coinbase.

Accordingly, in the future, the crypto exchange FTX may consider acquiring leading financial giant Goldman Sachs and crypto exchange Chicago Mercantile Exchange (CME).

On July 14, when Bankman-Fried speaking with Financial Times, he stated,

“If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all.”

Moreover, the founder and CEO of quantitative trading firm Alameda Research and CEO of the FTX crypto exchange have an approximate net worth of $8.7 billion.  On June 24, in an interview with Nikkei Asia, Bankman-Fried noted, FTX is looking at a valuation of around $20 billion in its latest funding round. It means it may be some time until FTX has the buying power to obtain such big firms.

Even more, Bankman-Fried plans to buy smaller and medium-size one. The company fundraising round will primarily raise mid-hundreds of millions from institutions. Also, he added that M&A is going to be the most likely use of the funds.

Henceforth, the raised fund in the fundraising round will be used to target the retail investor share of the market. The FTX CEO stated, “We are in fortunate position of not having to do it because we don’t need capital. On the other hand, there are potentially big advantages to listing such as brand recognition”.

The cryptocurrency exchange FTX has also taken a progressive approach since stepping into the market in 2019. And according to the reports over the past years the platform has been on an investment and purchasing spree.

Recommended for You

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.