FTX CEO Sam Bankman-Fried Says Firm Still Has $1,000,000,000 in Cash Left To Deploy for Acquisitions
The chief govt of crypto derivatives alternate FTX says that the corporate nonetheless has a large amount of money left to burn on acquisitions.
In a brand new interview with CNBC’s Squawk Field, FTX CEO Sam Bankman-Fried says the agency nonetheless has about $1 billion in money on the sidelines prepared to assist ailing crypto corporations.
“We didn’t attempt to empty the coffers, so to talk. We had a pair billion going into this, and it traces up roughly with the quantity that we’ve raised during the last yr and on prime of that we’ve been worthwhile.”
When requested if he had a few $1 billion left to deploy, Bankman-Fried mentioned,
“Yeah, and you’ve got the problem of how a lot we actually really feel comfy deploying seeing as there’s one other ballpark billion that’s utterly unencumbered. [That] actually would get you inside an element of two [of] the fitting reply.”
Following this yr’s sharp market decline, FTX made investments in a number of corporations within the crypto area, resembling Anthony’s Scaramucci’s hedge fund SkyBridge Capital.
Final month, the CEO mentioned that he wished different corporations within the business would step as much as assist him in saving corporations harm by the market downturn.
“It’s not going to be good for anybody long run if we’ve got actual ache, if we’ve got actual blowouts, and it’s not truthful to prospects. It’s not going to be good for laws. It’s not going to be good for something. From a longer-term perspective, it’s simply that’s what was vital for the ecosystem.
It’s vital for individuals to have the ability to function within the ecosystem with out being terrified that unknown unknowns had been going to blow them off someway.”
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Featured Picture: Shutterstock/Tithi Luadthong/NittyNice
