FTX Exchange Reportedly Plans To Raise $1 Billion Capital

FTX Exchange Reportedly Plans To Raise $1 Billion Capital
  • At the time of Voyager’s financial difficulties, SBF offered assistance.
  • FTX announced earlier that it will purchase a 30% stake in SkyBridge Capital.

This year, Sam Bankman-(SBF) Fried’s FTX has emerged as a leading exchange. The exchange seems to have stepped it up a notch with this round of investment after recently drawing criticism from the UK’s regulator.

Reports have surfaced that FTX Trading Ltd. has been in discussions with investors about a potential fundraising round. To supplement the $400 million the company raised in January 2022, they want to obtain a total of $1 billion via this.

Acquisition Spree

There was speculation that the acquisition would keep FTX’s current worth of about $32 billion, albeit the specifics might alter. Investors such as SoftBank’s Vision Fund 2, Singapore’s Temasek, and Tiger Global Management are already on the books. According to CNBC, an unnamed insider said that FTX plans to use the extra funds to “fuel more deal-making.”

Despite the bears’ fury this year, purchase plans have been put into motion, as was noted before. At the time of Voyager’s financial difficulties, SBF offered assistance by suggesting that it and Alameda buy the company. However, Voyager rejected the offer, calling it “a low-ball bid dressed up as a white knight rescue.”

Seems like FTX is keeping an eye on Voyager. Binance and FTX, two of the most serious suitors for Voyager’s holdings, clashed earlier this week. FTX announced early this month that it will purchase a 30% stake in Anthony Scaramucci’s SkyBridge Capital. The company decided in June to visit Canada in conjunction with Bitvo.

On top of this, there were whispers that SBF was going to buy the big cryptocurrency platform Huobi in an effort to expand its presence in the Asian market.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.