Sources with direct knowledge of the matter say that cryptocurrency exchange FTX is in discussions with investors for up to $1 billion in new capital at a valuation of about $32 billion.
The individuals cited in the article assert that the negotiations are still under progress and that the terms could change. The reports have not yet been confirmed by the exchange.
FTX hailed this crypto winter after leading bailouts
FTX has been on a buying spree in the meantime despite the market's decline; the exchange is rumoured to have bought a 30% stake in Anthony Scaramucci's SkyBridge Capital.
Several troubled cryptocurrency companies received bailouts from the Sam Bankman-Fried-led company just this year.
He has been called the "JPMorgan" of cryptocurrencies for doing this and supporting crypto firms during this protracted crypto winter. The cryptocurrency exchange provided a $250 million credit to BlockFi, a lender for cryptocurrencies. According to rumours referenced by ***, Canadian crypto asset trading platform Bitvo was also bought by FTX in June.
More GameStop customers will now have access to FTX's community and marketplaces for digital assets thanks to a relationship that GameStop Corp. and FTX US also announced this month.
Bloomberg claimed in June that FTX was also attempting to acquire Robinhood in light of this, but Bankman-Fried denied the claims. The exchange also put to rest rumours that it was looking to buy Huobi.
In spite of the crypto winter, FTX is also gaining an edge over its other competitors. The platform's revenue increased from $90 million in 2020 to $1 billion in 2021.
