Join our Telegram Channel to get current information
Sam-Bankman’s Fred cryptocurrency exchange FTX is in talks with venture capitalists to raise $1 billion in additional financing, with the intention of using the extra cash to finance acquisitions during the bear market.
According to a Wednesday document from CNBC, citing sources close to the matter, the discussions are still ongoing, and the details could change. If confirmed, the financing would keep FTX’s market value at around $32 billion.
The expected $1 billion financing round, in addition to the $400M FTX raised last January, may indicate strong investor confidence in the company amid the industry’s long virtual currency winter.
Other details are scarce at this point. According to references, a portion of the additional capital will be used for more trading and wheeling in the cryptocurrency world, which is not strange, considering how much SBF and FTX’s quantifiable data firm Alamada Research were involved during the bullish trend.
Troubled virtual currency lending company Voyager Digital has been mulling a joint deal to buy Voyager since July after FTX’s acquisition of Alameda was hit by bankruptcy filings.
Voyager has dismissed the proposal as a low-ball bid for media attention rather than a white-collar predator or a New York bankruptcy court offering value to Voyager’s clients.
Voyager has been on the lookout for FTX since it began auctioning off the remaining funds on September 13.
FTX still wants to invest.
Based on a Tuesday document from the Wall Street Journal (WSJ), FTX and Binance emerged as the frontrunners for Voyager Investments, with Binance bidding at $50M and FTX slightly less. The bidding is open until September 29, and no offer has yet been accepted, according to the WSJ.
The company’s investment group FTX Ventures has announced plans to buy a 30% stake in Anthony Scaramucci’s equity management firm Skybridge Capital.
Last June, FTX agreed to buy Canadian virtual currency system Bitvo as part of its more comprehensive plans to expand into Canada. A month ago, FTX agreed to offer a US$400M revolving credit facility to troubled lending firm BlockFi and an option to buy the company for around US$240M.
Related
Tamadoge – Meme Play to earn coins
- Get TAMA in battles with Doge’s pets
- Sealed Supply of 2 Billion, Token Burn
- Presale collected 19 million dollars in less than two months
- The upcoming ICO on the OKX exchange
Join our Telegram Channel to get current information