FTX Is Raising Funds For Acquisition

FTX founder Sam Bankman-Fried indicated that he is in negotiations to raise more capital in order to make effective acquisitions during the crypto crash.

Bankman-Fried indicated at The Wall Street Journal’s Tech Live event on Tuesday that he sees acquisitions as an opportunity to expand the number of retail customers on the crypto exchange he founded, a client phase he claims the exchange has been slow to attain.

He also joked about establishing a cryptocurrency inspired by cats, a reference to the recent emergence of many dog-themed digital currencies, such as Dogecoin, which incorporates the Shiba Inu dog’s face as its logo.

FTX CEO stated he would not pursue the bailout-type deals he pursued earlier this year to rescue two crypto lenders. He quickly added that FTX handles significantly more trade volume than other crypto exchanges.

Bankman-Fried stated that FTX was in discussions with investors about raising a fresh round of money. According to a document obtained by the Journal, FTX notified investors in September that it was aiming to raise an extension round at about the same valuation as its previous funding, which valued FTX at $32 billion.

According to the paper, FTX US, the exchange’s U.S. subsidiary, was also soliciting additional capital at about an $8 billion value at the time.

The funding comes at a difficult time for crypto firms, which have lost consumers this year as the prices of cryptocurrencies such as Bitcoin and Ether have plummeted.

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