Ripple CEO Seems Interested in Purchasing Certain Business Part of FTX

Ripple CEO, Brad Garlinghouse,  told The Sunday Times that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy, asking for investors to save it. 

Discussing the possibility

According to the Ripple CEO, they discussed whether Ripple might want to acquire FTX-owned businesses.

“Part of my conversation was if he needs liquidity, maybe there’s businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table,” the CEO said.

According to Garlinghouse, since FTX filed for Chapter 11 bankruptcy in the United States, a potential deal with an FTX business might be very different from the one-to-one deal it would have originally been.

Read More: The Now-bankrupt Company FTX Owes Almost $3.1 Billion to Its Top 50 Creditors

“I’m not saying we won’t look at those things – I’m sure we will. But it’s a harder path to transact,” he said.

It claims it is interested in purchasing FTX assets and parts for business customers, as well as its stakes in other companies. FTX has about 130 affiliates.

Interested in buying other bankrupt company

Previously, it was also reported that Ripple was interested in purchasing assets from bankrupt cryptocurrency lender Celsius Network.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,” said the spokesperson

In June, Celsius’s withdrawals were frozen due to “extreme” market conditions. In July, It filed for bankruptcy in New York , stating that it had a $1.19 billion deficit.

Read More: FTX Revealed To Have Used Customer Funds To Buy Employees Houses 

According to Celsius’ bankruptcy filings, Ripple is not one of Celsius’ major creditors, reported Ripple in response to Reuters’ queries.

A lawsuit was filed against the company over XRP in 2020 by the US Securities and Exchange Commission (SEC).

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Jamilatul Mahmudah

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