Crypto exchange FTX is raising capital to fund acquisitions.
An anonymous source said Sam Bankman Fried’s exchange raised capital to finance acquisitions.
Crypto Exchange FTX Continues Expansion
According to the source, FTX is raising capital for a potential acquisition.
It was stated that FTX is considering several possible takeovers. However, negotiations are currently in the preliminary stages. It is thought that if the acquisition talks fail, FTX may reduce its capital increase.
In the event of a capital increase from anonymous source FTX, it plans to reach a valuation of $32 billion. This is quite noticeable given the massive decline in the crypto industry. Shares of Coinbase, one of FTX’s competitors, have fallen by 70% this year.
A spokesperson for FTX declined to comment on the matter. FTX US President Brett Harrison has previously confirmed that the exchange is seeking potential acquisitions.
FTX CEO Sam Bankman Fried had personally bought 7.6% of the brokerage firm Robinhood.
The aggressive expansion of crypto exchange FTX has sparked controversy in the crypto industry.
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