Crypto Trading Firm ‘Hayvn’ Plans Bidding For Acquiring FTX Pay

The rapid collapse of FTX has caused many companies and the market to encounter a decline, and the entire market has felt the impact of the collapse.
  • Executives at Hayvn believe FTX Pay is a good fit for the Hayvn Pay system.
  • The Hayvn board has authorized a strategy to publicly bid for FTX Pay.

On Friday, Abu Dhabi-based cryptocurrency trading firm Hayvn said that it was contemplating making an offer to acquire FTX’s payments business, FTX Pay. Executives at Hayvn believe FTX Pay is a good fit for the Hayvn Pay system. Moreover, it has been claimed that FTX, now a defunct cryptocurrency exchange, is looking to sell or restructure its payments business post-filing bankruptcy.

In December 2021, Hayvn received official certification from the Abu Dhabi Global Market to trade digital assets. Moreover, the National stated on November 25 that crypto trading firm Hayvn was contemplating purchasing FTX’s payments firm FTX Pay because of how well it would integrate with Hayvn Pay’s existing infrastructure.

Waiting For Courts Approval to Proceed

Hayvn’s co-founder and CEO, Christopher Flinos, has remarked that the company’s engagement with FTX Pay is invaluable. Due to the latter’s connections with major corporations like Mastercard. Moreover, it also boasts a more competent management team and a supposedly healthy financial position.

The CEO stated:

“We are pleased to learn that some of the FTX business have solvent balance sheets, responsible management, and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the court’s approval to proceed.”

On 11 November, FTX, Alameda Research, and its affiliates filed for Chapter 11 bankruptcy protection in the United States. Sam Bankman-Fried stepped down as CEO of FTX, and bankruptcy expert John J. Ray III took over to oversee the company’s reorganization.

Furthermore, the Hayvn board has authorized a strategy to publicly bid for FTX Pay notwithstanding the current bankruptcy proceedings. However, the firm is investing on FTX Pay’s network of partners rather than its technology.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.