FTX CEO Reveals Hunt For New Acquisitions and Growth Involving Billions

FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi
  • FTX has made $1.56 billion in crypto transactions in the last 24 hours.
  • More than $2 billion has been raised by the FTX crypto exchange and its parent firm.

In an interview with Bloomberg’s Allyson Versprille and Yueqi Yang on Friday, FTX CEO Sam Bankman-Fried said that the company is considering growth and acquisition opportunities. More than $2 billion has been raised by the FTX crypto exchange and its parent firm, West Realm Shire Services Inc.

Binance is the top cryptocurrency exchange in terms of worldwide trade volume, with FTX trade volume statistics at second. With its 338 currencies and 524 trading pairings, FTX has made $1.56 billion in crypto transactions in the last 24 hours.

Potential Acquisition Angle

During the discussion with Bloomberg’s Versprille and Yang, Bankman-Fried highlighted that the company’s war chest of money might be used for various acquisitions.

 “FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two – it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”

By offering additional items to clients, FTX co-founder Bankman-Fried said, the business hopes to keep them on the platform for all their requirements. Bankman-Fried says the business is on the hunt when it comes to acquisitions.

In light of the recent introduction of FTX US’ new zero-commission equity trading platform, Bankman Fried made his remarks. The CEO’s comments on bitcoin (BTC) and the network’s potential to function as a payment system were also brought up on Friday. When Andrew R. Chow wrote a story on Bankman-Fried for time.com, he included him on his list of the “100 Most Influential People of 2022.”

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