FTX Sam Bankman-Fried Says They Still Have $1 Billion To Acquire Companies.
FTX, one of the biggest crypto exchange company in the world, looks like is going for more acquisitions in the crypto space. Already called the JP Morgan of crypto, FTX CEO, Sam Bankman-Fried (SBF) says that they company still have around a billion dollars to acquire and help more companies that are struggling in the bear market.
SBF sat down with CNBC Squawk Box to talk about the current situation in the crypto space and what he and FTX is doing to help maintain the ecosystem right now.
Ready To Bail Out More Companies
In the bear market right now, many crypto companies are struggling to adapt and many are in need to cash injections. Sam Bankman-Fried believes that since FTX is able to help the crypto ecosystem, that is what they are going to do.
He believes that it affects not just the companies but also the customers and other parties involved in the space. By helping and bailing out these companies, he feels that it will stop affecting more and more people in the ecosystem. He also did explain that investing and bailing out companies, is not because he wants to take advantage of them but because he genuinely wants to help the ecosystem.
For example, they were prepared to lose the $70 million when they gave the line of credit to struggling company Voyager.
When asked if he and FTX has more money to do more bailout if necessary he said that he still have around a billion dollars left to do so.
“We did not try to empty the coffers, so to speak. We had a couple billion going into this, and it lines up roughly with the amount that we’ve raised over the last year and on top of that we’ve been profitable.” SBF said.
Currently, FTX have ownership stakes in Alameda Research and Voyager and also given extended credit lines to companies like BlockFi and Voyager.
“It’s not going to be good for anyone long term if we have real pain, if we have real blowouts, and it’s not fair to customers. It’s not going to be good for regulations. It’s not going to be good for anything. From a longer-term perspective, it’s just that’s what was important for the ecosystem.”
In a previous interview as well, SBF believes that crypto is going to comeback from this bear market and believes the ecosystem is going to bounce back as well.