Announced: This Altcoin Wants to Buy FTX Assets!

One of the biggest altcoin projects in the market is considering deals, as the sinking cryptocurrency exchange FTX is in the rescue phase.

This altcoin project wants to buy FTX

Ripple CEO Brad Garlinghouse told The Sunday Times that his company is interested in FTX-owned businesses. The defendant CEO wants to buy some assets from the bankrupt cryptocurrency exchange. Garlinghouse also shared that former CEO Sam Bankman-Fried called him before he filed for bankruptcy. This meeting took place between the session of Ripple’s Swell conference held in London on November 16 and 17.

The two talked about whether there are any FTX-owned companies that Ripple can “buy” during the call. According to Ripple CEO Brad Garlinghouse:

Part of my conversation was whether he needed liquidity, maybe he’s bought or owned businesses that we would like to have… Would we buy some of these from him? I think this is definitely on the table.

Like many in the industry, Ripple follows FTX developments.

On November 10, David Schwartz, Ripple’s chief technology officer, tweeted to inform FTX employees that there can be room for Ripple as long as they are not involved in compliance, finance or business ethics. Meanwhile, the failing stock market has recently appointed restructuring management firm Kroll as its agent to keep track of all claims made against FTX and to ensure that interested parties are kept up to date with developments throughout Chapter 11 bankruptcy proceedings. Ripple is also interested in acquiring Celsuis, which went bankrupt in August.

Ripple CEO optimistic about market despite FTX bankruptcy

Brad Garlinghouse on Wednesday shared his view on the market recovery following the collapse of FTX during the Ripple Swell, an annual conference hosted by Ripple. Repeating what he said on stage at the conference, Garlinghouse tweeted:

If we continue to focus on transparency and trust, I firmly believe that cryptocurrencies will become stronger because of this. Ripple has and will continue to lead the way…Given everything that has happened over the past few weeks (and this year’s ups and downs), it has become even more imperative that we get together in person to have honest conversations about solving real-world problems with crypto and blockchain. .

Garlinghouse told CNBC on Wednesday that the idea that crypto isn’t regulated is “exaggerated”, adding:

Crypto has never been just sunshine and roses and needs to mature as an industry… Transparency builds trust.

Litigation process

Regarding the SEC’s lawsuit against Ripple, Garlinghouse and co-founder Chris Larsen for the sale of XRP, both Alderoty and Garlinghouse expect a decision on the case to be made in the first half of 2023. Meanwhile, the deadline for final legal briefs was November 30. After that, a judge can either make a decision. Or he could refer it to a jury trial. “In our case, we are at the beginning of the end of the process,” says Alderoty. As Kriptokoin.com, we have conveyed the latest developments from the case in this article.