FTX Open to New Funding Round to Finance Acquisitions
Leading crypto trading platform and exchange, FTX, is reportedly opening a new funding round to finance new acquisitions.
According to an unnamed source close to the matter, FTX is targeting several takeovers including retail-trading platforms and is doing its due diligence.
The source said that talks are still in preliminary stages and that a decision on raising new money will depend on pushing through with these new acquisitions. If the exchange does decide to raise new capital, the person said, it is looking for the same $32 billion valuation it was given earlier in the year, which in the current bear-market would be an excellent achievement.
Since FTX founder and CEO Sam Bankman-Fried in May personally took a 7.6% stake of $650 million in trading platform Robinhood, rumors of a tighter connection have surfaced since. End of June, there was speculation of a Robinhood takeover deal in the making. However they were dismissed by Bankman-Fried saying at the time:
“We are excited about Robinhood’s business prospects and potential ways we could partner with them […] That being said, there are no active M&A conversations with Robinhood.”
The story on an upcoming FTX funding round will be continued.
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Source: igaming
