Home FTX FTX assembles ‘financial fist’ to buy retail crypto platform

FTX assembles ‘financial fist’ to buy retail crypto platform

by Chief editor

FTX raises capital to finance acquisition of another company
It is talking about the purchase of a platform focused on retail investors
Insiders report that the firm is eyeing several merger candidates
Cryptocurrency giant Bankman-Frieda continues its victorious expansion into the world of digital assets. Insiders report that FTX is planning to strike a deal to enter the retail market.

According to available information, the company is simultaneously moving forward on two branches of negotiations.

First, FTX is preparing to hold a new round of funding to raise money. The exchange expects to raise a valuation of $32bn, an amount that appeared at the start of the year when the company raised money last time.

Secondly, the brainchild of Sam Bankman-Fried is eyeing several crypto platforms. These are companies aimed at retail investors. At the moment, it is not known who is on the list of candidates.

However, insiders assure that FTX is targeting a major deal. The exchange intends to quickly expand its base with “people” users.

Right now, most of the company’s customers are institutional investors, but the crypto giant has long been looking to reach out to the retail sector of the market. Some steps in that direction have already been taken, with the launch of FTX Stocks, an equity trading product, in early 2022.

The founder of FTX is also paying attention to the retail sector. He personally bought a 7.6% stake in Robinhood (HOOD). This acquisition has helped the brokerage firm’s stock price rise.

As a reminder, we previously wrote about how Sam Bankman-Fried still believes in cryptocurrency. Moreover, the billionaire is calling for federal oversight of the digital asset industry.

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