FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals – Bitcoin News

Sam Bankman Fried (Billionaire, FTX founder) said that the crypto-asset exchange aims to acquire a lot of assets and may spend as high as $2 billion. The FTX chief executive officer highlighted in a recent interview that a fraction of the funds raised by the company were “explicitly viewed from a potential acquisition angle.”

Sam Bankman Fried, Executive of FTX, says funds raised could be leveraged for acquisitions

Sam Bankman-Fried spoke in an interview with Bloomberg’s Allyson Versprille and Yueqi Yang on Friday and explained that FTX is thinking about expansion moves and acquisitions. FTX’s crypto exchange and West Realm Shire Services Inc., its parent company have raised $2 billion.

FTX’s trade volume data suggests that it is second in global cryptocurrency trade volume behind Binance. FTX’s 338 crypto coins and 524 trading pair have generated $1.56 million in crypto trade volume over the past 24 hour.

Bankman-Fried explained during the interview with Bloomberg’s Versprille and Yang that the company’s war chest of funds could be leveraged for a number of acquisitions.

“FTX is a profitable company,” the FTX executive explained. “You can look at the amount that we’ve raised over the last year or two – it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”

Bankman Fried, co-founder of FTX, stated that the company would like to provide more products to customers so they could continue using the platform. Bankman-Fried stated that the company is focused on acquisitions. The FTX Executive added:

It’s always something that we’re going to be open to and keeping our ears to the ground on.

Bankman-Fried’s comments follow FTX US launching a zero commission equities trading platform. The discussion on Friday also follows Bankman-Fried’s statements concerning bitcoin (BTC) and the network’s ability to be a payment network.

Bankman-Fried was also named one of the “100 Most Influential People of 2022” by TIME and time.com author Andrew R. Chow featured the FTX CEO in a profile editorial.

How do you feel about the FTX CEO describing its plans to expand and acquire businesses? Comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.