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News

BREAKING: FTX Is Coming To An Agreement To Be Acquired By Binance

November 8, 2022 - Around 2 mins mins to read
Binance has agreed to buy FTX amid panic that has raised concerns that Sam Bankman-Fried’s crypto exchange is slowly collapsing.
BREAKING: FTX Is Coming To An Agreement To Be Acquired By Binance

The SBF announced the decision on Twitter:

The controversy surrounding FTX started with Binance CEO Changpeng Zhao‘s weekend revelation that his exchange will sell its FTT tokens. Zhao also confirmed the agreement on Twitter by stating that the two exchange industry titans signed a non-binding letter of intent.

Prior to agreeing to the transaction with Binance, FTX sought to acquire outside financing from venture capitalists. Those acquainted with the company’s intentions stated that it was looking to raise capital at a valuation of $10 billion to $20 billion.

The exchange, which actively invests in businesses throughout the sector, is one of the biggest derivatives exchanges in the cryptocurrency market. Companies in the market received credit lines totaling $750 million from FTX and Alameda.

At the time of the news, the FTT token had a significant rebound from $14.3 to $17.92.

Screen Shot 2022 11 08 at 11.52.41 PM
FTT daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Binance

Changpeng Zhao

CZ

FTT

FTX

Sam Bankman-Fried

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

BREAKING: FTX Is Coming To An Agreement To Be Acquired By Binance

Binance has agreed to buy FTX amid panic that has raised concerns that Sam Bankman-Fried’s crypto exchange is slowly collapsing.
BREAKING: FTX Is Coming To An Agreement To Be Acquired By Binance

The SBF announced the decision on Twitter:

The controversy surrounding FTX started with Binance CEO Changpeng Zhao‘s weekend revelation that his exchange will sell its FTT tokens. Zhao also confirmed the agreement on Twitter by stating that the two exchange industry titans signed a non-binding letter of intent.

Prior to agreeing to the transaction with Binance, FTX sought to acquire outside financing from venture capitalists. Those acquainted with the company’s intentions stated that it was looking to raise capital at a valuation of $10 billion to $20 billion.

The exchange, which actively invests in businesses throughout the sector, is one of the biggest derivatives exchanges in the cryptocurrency market. Companies in the market received credit lines totaling $750 million from FTX and Alameda.

At the time of the news, the FTT token had a significant rebound from $14.3 to $17.92.

Screen Shot 2022 11 08 at 11.52.41 PM
FTT daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News