Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto asset exchange is aiming to make a number of acquisitions and may spend up to $2 billion on such efforts. The FTX CEO pointed out in a recent interview that a fraction of the funds raised by the company were “explicitly considered from a potential acquisition angle.”
FTX Executive Sam Bankman-Fried Says Funds Raised Could Be Used For Acquisitions
Sam Bankman Fried spoken in a interview with Bloomberg’s Allyson Versprille and Yueqi Yang on Friday and explained that FTX is considering expansion moves and acquisitions. Crypto exchange FTX and its parent company West Realm Shire Services Inc. have raised over $2 billion from investors.
FTX trade volume data shows that it is the second largest cryptocurrency trading platform after Binance in terms of global trade volume. In the last 24 hours, FTX recorded $1.56 billion in crypto trades with its 338 coins and 524 trading pairs.
Bankman-Fried explained during the interview with Bloomberg’s Versprille and Yang that the company’s war chest could be used for a number of acquisitions.
“FTX is a profitable business,” the FTX executive explained. “You can look at the amount we’ve raised in the last two years – it’s a few billion dollars. This perhaps gives an idea of where we are in terms of cash flow which has been explicitly considered from the perspective of a potential acquisition.
The FTX co-founder clarified that the company wants to be able to offer customers more products so they can stay on the platform for all their needs, Bankman-Fried noted. When it comes to acquisitions, Bankman-Fried said the company is keeping a close eye. The FTX exec added:
It’s always something we’re going to be open to and keep our ears to the ground.
Bankman-Fried’s comments follow FTX US’s launch of a commission-free stock trading platform. Friday’s discussion also follows Bankman-Fried’s statements regarding bitcoin (BTC) and the ability of the network to be a payment network.
Bankman-Fried was also named one of TIME’s “100 Most Influential People of 2022” and time.com author Andrew R. Chow featured the FTX CEO in a editorial profile.
What do you think of FTX’s CEO explaining his intention to use funds to acquire businesses and grow? Let us know what you think about this topic in the comments section below.
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