The Unstoppable FTX Machine – Giant Raises Another $1 Billion
Faster, higher, stronger – FTX and its CEO Sam Bankman-Fried (SBM) have made the Olympic motto a leitmotif in the cryptocurrency market. While its competitors are cutting back, the Bahamian exchange is taking advantage of the bearish period to accentuate its hold on the sector. He even positioned himself in a sort of “superheroes” flying to the rescue of crypto platforms in need of cash! Today is the rumor of a new round of funding which agitates the seraglio of lovers of digital currencies. Details to follow.
A billion more in the bag of the giant FTX
The news leaked from the side of the American media CNBC yesterday evening: FTX Trading Ltd. was therefore preparing to launch a new round of funding to the tune of $1 billion. The last similar exercise brought in 400 million dollarss in the hands of the American to bring its total valuation to almost 32 billion.
The source – anonymous of course – specified that the funds thus collected would allow “to fuel more transactions”. This financial transaction comes in the middle of a banner year for FTX with income who have increased by 1000% in 2021 to reach 1.02 billion of dollars according to the same informant. It is clear that the SBM company wishes to continue its policy of expansion in the ecosystem started a few months ago.
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An aggressive development strategy
Indeed, FTX has already entered into participation agreements with several platforms around the world. The South Korean Bithumb, BlockFi the American, Bitvo in Canada but also SkyBridge Capital via the investment arm of the group – FTX Ventures – have already succumbed to the steamroller of Sam Bankman Fried.
Other acquisition attempts have nevertheless failed, such as Travel who refused the low offer disguised as the rescue of the white knight”. That said, this case is still pending decision in the New York Bankruptcy Court. But we understand through the words of those responsible for Travel that the behavior of FTX causes frustrations and resentments in the face of a ostensible expansion and assumed.
So, in the middle of financial markets moribund, the American giant continues patiently to move its pawns on the world chessboard of cryptocurrency. He positions himself more and more as a potential ecosystem leader which is just waiting for the resumption of bull run to reap the benefits of its current investments. And FTX isn’t alone on Wall Street optimistically betting on the future of Bitcoin & Co.
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