Express
FTX’s Sam Bankman-Fried Has a few More Billion to Save Industry, Predicts Worst is Behind Us
Summary: Crypto exchange FTX is turning into crypto’s savior amid an overall market crash as their CEO, Sam Bankman-Fried, claims they still have a couple billion dollars to support the industry during this turbulent time, according to a Reuters’ report. According to the report, Bankman-Fried claimed that a few more companies have reached out to them ...
Crypto exchange FTX is turning into crypto’s savior amid an overall market crash as their CEO, Sam Bankman-Fried, claims they still have a couple billion dollars to support the industry during this turbulent time, according to a Reuters’ report.
According to the report, Bankman-Fried claimed that a few more companies have reached out to them for support during this challenging time in crypto that has seen multiple bankruptcy filings, tokens crash to zero and an overall decrease in cryptocurrency price.
Bankman-Friend’s crypto-trading firm Alameda Research recently gave crypto-lender Voyager Digital a $200 million cash and stablecoin revolving credit line, as the company was suffering the ramifications of being exposed to Three Arrows Capital (3AC), who filed for bankruptcy in New York Friday. However, despite the cash injection from Alameda Research, Voyager followed 3AC’s lead and filed for bankruptcy Tuesday. 3AC filed for chapter 15, while Voyager filed for chapter 11, providing them with different advantages for their unique circumstances.
Voyager wasn’t the only firm to receive a helping hand from Bankman Fried’s company. In June, FTX helped BlockFi with a $250 million revolving credit facility with the opportunity to purchase it outright based on certain performance measures.
In January, FTX launched FTX Ventures, a $2 billion venture capital fund focused on digital assets investments, which the company has leaned on to help bail other companies out.
The CEO with a net worth of $24 billion according to Forbes is strategic with his bailouts and credit lines, fronting his own money when he feels it is not in FTX’s best interest to do so. He noted that FTX and he have a responsibility to FTX’s shareholders.
While other crypto firms are in the midst of catastrophe or serious cutbacks, Bankman-Fried predicts FTX’s workforce to increase every quarter this year. He said that he wants his company to grow, but not at an insanely quick rate.
Author: Tyler Irvin
Tags: Alameda Research,bankruptcy,FTX,Voyager
Link: FTX’s Sam Bankman-Fried Has a few More Billion to Save Industry, Predicts Worst is Behind Us [Copy]
