Exchanges of cryptocurrency are trying to spread out their operations notwithstanding the ongoing lengthy decline experienced by the whole crypto industry. Many of the exchange platforms had their strategies and objectives for expansion. Though a few of them have been focusing on huge dismissals of their employees due to the bear market, some others were devoted to additionally expand their operations.
FTX Converses with Community for a Funding of $1 Billion
FTX of Sam Bankman-Fried has turned into a prominent venue this year. The exchange venue seemed to have assisted many bankrupt companies. Nonetheless, this image of the firm could not be maintained much longer. Following it recently got a backlash from the regulatory body of the United Kingdom, FTX appears to increase the funds thereof with the exclusive funding round.
A report has recently been published noting that FTX Trading Ltd. has started interacting with its investors in the matter of initiating a funding round. The intention of the crypto exchange, with the respective funding, is to collect more than $1B to be added to the nearly $400M that was raised by FTX in January this year. Despite having no details regarding the matter, the reports mentioned that the latest funding round would provide assistance to sustain the present valuation of the company which is almost $32B.
The present investors of the company take into account Tiger Global Management, Temasek of Singapore, and Vision Fund 2 of SoftBank. While giving remarks on this step, an unspecified source brought to the front that FTX and CNBC want to utilize more capital to have further assistance in their financial activities. The former acquisition-based strategy of the cryptocurrency exchange was reportedly implemented though the bear market was creating a lot of hindrances.
FTX and Binance Lock Horns for Voyager
At the time when Voyager found itself in a trouble, it was FTX that moved ahead and expressed an intention to purchase the platform with Alameda. Nevertheless, Voyager did not accept the offer saying that FTX has made a low-bull bid while posing to be a rescuer to get it out of the calamity. The present scenario seemingly indicates that the crypto exchange is even now thinking of purchasing Voyager. Formerly this week, the exchanges FTX and Binance started a competition as the top bidders of the assets of Voyager.
As the current month started, FTX disclosed that the company would acquire an enormous 30% stake in the SkyBridge Capital of Anthony Scaramucci. Previously in June this year, the platform determined to move toward Canada’s shores with Bitvo. That is not all, Sam Bankman-Fried is also eying to acquire Huobi (a well-known crypto venue), according to the rumors, to have an expansion across the market within Asia.
Formerly in 2022, the venue secured a provisional license from the Virtual Asset Regulatory Authority (VARA) of Dubai to have permission for the deployment of the crypto trading services and derivative goods for eligible institutional investors in line with the regulations throughout the Mena zone.
