FTX in talks with investors to raise $1B for acquisitions | The Financial Express

FTX in talks with investors to raise $1B for acquisitions

The fundraising amount would maintain the FTX’s existing valuation of almost $32 billion if it turned out to be genuine.

FTX in talks with investors to raise $1B for acquisitions
Sources claimed that some of the extra funds will instead be used for more wheeling and dealing in the cryptocurrency field

According to reports, Sam-Bankman Fried’s cryptocurrency exchange FTX is in discussions with potential investors to acquire $1 billion in fresh cash as it seeks to use the additional funds for financial acquisitions during the down market, as reported by Cointelegraph.

According to Cointelegraph, the talks are still in progress, so the specifics could yet alter, according to a Wedn article from CNBC that cites sources familiar with the situation. The fundraising amount would maintain the FTX’s existing valuation of almost $32 billion if it turned out to be genuine.

In addition to the $400 million FTX raised in January, the prospective $1 billion investment round could indicate significant investor confidence in the company despite the industry’s protracted crypto winter, Cointelegraph noted.

According to Cointelegraph, sources claimed that some of the extra funds will instead be used for more wheeling and dealing in the cryptocurrency field, which is understandable considering how busy FTX and SBF’s Alamada Research, a quantitative research firm, had been throughout the bear market.

Since July, when FTX laid out a joint bid with Alameda to acquire troubled crypto lender Voyager Digital following its bankruptcy filing, there have been rumblings about a prospective takeover of Voyager Digital by FTX.

(With insights from Cointelegraph)

Also Read: New York Judge orders Tether to document USDT backing

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