Largest crypto exchange FTX’s CEO Sam Bankman-Fried on Saturday said the company plans to expand through acquisitions to increase product offerings. FTX proposes to use proceeds worth billions from recent fundraising rounds to buy shares in other companies. The crypto giant is expanding massively in crypto as well as traditional financial markets amid uncertainty in the crypto and equities markets.
FTX Prepares for Acquisitions: Sam Bankman-Fried
Crypto exchange FTX’s CEO Sam Bankman-Fried prepares to spend billions to buy stakes in other companies for expanding its product offerings, reported Bloomberg on May 28.
FTX CEO Sam Bankman-Fried in an interview said:
“FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”
The crypto giant had raised $400 million in January, bringing its valuation to over $32 billion. The company plans to use the 2 billion funds raised in the last 6 months for acquisitions. Despite the crypto market crash, FTX is on a spending spree as available capital grows.
