Skip to content Skip to sidebar Skip to footer


CNBC reported Wednesday that cryptocurrency exchange FTX is in talks with investors for up to $1 billion in new capital at a valuation of around $32 billion, according to sources with direct knowledge of the market. question.

Negotiations are ongoing, and the terms could change, say the people quoted in the paper. The exchange has yet to confirm the information.

FTX hailed this crypto winter after leading bailouts

Meanwhile, FTX went on a buying spree despite the market deteriorating, with the exchange would have the acquisition of a 30% stake in SkyBridge Capital from Anthony Scaramucci.

The company run by Sam Bankman-Fried this year gave bailouts to several struggling people crypto companies.

For this, he was hailed the “JPMorgan” of cryptocurrency, saving crypto businesses during this extended crypto winter. BlockFi, a cryptocurrency lender, received $250 million in credit from the crypto exchange. Canadian cryptocurrency asset trading platform Bitvo was also bought by FTX in June, by reports quoted by Be[In]Crypto.

This month, GameStop Corp. and FTX US also have announcement a partnership through which more GameStop customers can access FTX’s community and marketplaces for digital assets.

With that, Bloomberg claimed in June that FTX was also trying to acquire Robinhood, although Bankman-Fried denied the reports. Additionally, the exchange also shut down rumors that it was looking to buy Huobi.

However, FTX is also gaining an edge over its many competitors in the middle of the crypto winter. CNBC reported last month that the platform’s revenue fell from $90 million in 2020 to $1 billion in 2021.

Binance a tough competitor

The world’s leading crypto exchange by volume, Binanceclaimed 55.1% of the spot volume market share in August, according to CryptoCompare researchas top-tier exchanges continued to dominate the market.

The report noted individual exchange volumes over the past three months, highlighting that Binance (Grade AA) was the largest top-tier cash exchange by volume in August, trading $438 billion. This was followed by Coinbase (Grade AA) trading $58.3 billion and AAX (Grade BB) trading $54.9 billion, OKX (Grade BB) trading $53.6 billion and FTX (Grade A) trading $49.1 billion.

Source: CryptoCompare

According to sources cited in the Wall Street Journal, the main bids for the assets of insolvent cryptocurrency lender Voyager Digital Ltd. came from FTX and Binance exchanges, with the latest bid for Binance being around $50 million, a bit higher than the competing bid from FTX.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.



Source link

Leave a comment