The CEO of FTX, San Bankman-Fried, has said that the company still had liquid cash that would be spent on acquisitions. FTX is one of the crypto companies that have proven to have ample liquidity amid the ongoing bear market across the sector.
FTX CEO says the exchange has $1B in cash to fund acquisitions
FTX is one of the largest cryptocurrency exchanges globally. During an interview with CNBC Squawk Box, its CEO said that the company had around $1 billion left in cash that could be used to support troubled crypto firms as the crypto winter continues to wreak havoc.
During the interview, Bankman-Fried said that the exchange did not empty its coffers following the numerous efforts it made to support crypto companies affected by the crypto winter.
According to the executive, the exchange had “a couple billion” invested in the initiative. He added that the amount was within the amount it had raised over the past year. Its profits over the same period also supported its acquisition efforts.
The crypto billionaire said that the company had around one billion left to deploy in its efforts to save the companies whose operations were being affected by the persistent bear market. The crypto winter has seen several companies struggling with liquidity, and FTX has been instrumental in helping some of these companies re-attain liquidity.
FTX has made multiple investments in firms across the cryptocurrency sector. One of the firms that FTX recently invested in is SkyBridge Capital. In August, Bankman-Fried stated that his wish was for the other firms in the crypto industry to step up and aid him in saving the companies affected by the bear market.
In the statement issued last month, Bankman-Fried said, “It’s not going to be good for anyone long term if we have real pain, if we have real blowouts, and it’s not fair to customers. It’s not going to be good for regulations. It’s not going to be good for anything. From a longer-term perspective, it’s just that’s what was important for the ecosystem.”
Bankman-Fried further stressed the importance of customer protection, saying that it was important for people to operate within the cryptocurrency sector without fear that some unknowns would steer them off course in the future.
FTX CEO says he has mixed reactions over crypto bailouts
Bankman-Fried held an interview with Bloomberg where he said he had mixed reactions to the bailouts made by FTX in the cryptocurrency sector. He said that some investments would be profitable while some would not be profitable.
Bankman-Fried also addressed the investment made into Voyager Digital. Alameda research offered a $485M loan to Voyager Digital, but the crypto lender eventually filed for bankruptcy in July. Voyager also revealed that Alameda Research owed it $377 million.
He said that Alameda had invested $70M into Voyager, and he did not expect that he would see the funds again. He said the company had to make quick judgment calls about deals and limit the amount that could be lost to investments.
Related
- FTX and Bybit are the First to Trade on ETHW
- FTX ventures to acquire a 30% stake in SkyBridge
- GameStop and FTX US are partnering up for more customers
Tamadoge – Play to Earn Meme Coin
- Earn TAMA in Battles With Doge Pets
- Capped Supply of 2 Bn, Token Burn
- Presale Raised $19 Million in Two Months
- Upcoming ICO on LBank, Uniswap
