In a recent interview, Sam Bankman-Fried, the CEO of crypto exchange platform FTX revealed that his company has raised an estimated $1 billion in funds to support the crypto-market.
The year 2022 is not the easiest for the cryptocurrency world. The market has experienced a multitude of crises that have significantly decreased its value in just a few months. Nevertheless, despite the problems the market is facing, there are several people in the business who want to do everything they can to improve the situation of the industry players.
The FTX platform is undoubtedly positioning itself as one of the current leaders in the crypto-industry. With a meteoric rise, obviously accelerated by the 2021 bull market. The platform often makes headlines with its large-scale marketing operations, but also with its acquisitions of other major companies in the sector. As proof, its reaffirmed willingness at the beginning of the week to seek to invest 1 billion dollars, in the form of acquisitions yet to be defined. But this could also concern the strategic “rescue” of players in great difficulty.
In addition, since the beginning of the crisis, the FTX exchange platform has been in the forefront of minimizing the damage caused by the fall of the crypto-market. The platform to fairly consistently deploy capital to rescue struggling crypto-companies by buying their assets on the downside.
During his interview with CNBC, SBF did not indicate the precise amount currently available to his company. Nevertheless, he was quick to assure that FTX is still in its comfort zone in terms of the amount of funds it is willing to deploy.
Sam Bankman-Fried stated:
We have the finances to help the industry and we are still within our comfort zone in terms of what we are already spending on this. We will continue to support the industry.
It was important for the industry to come out of this in one piece. It’s not going to be good for anyone in the long run if we have real pain and real blowouts – it’s not fair to customers and it’s not going to be good for regulation.