Hassan Maishera
FTX, one of the world’s leading cryptocurrency exchanges, has acquired a 30% stake in SkyBridge Capital. This latest development was revealed during a CNBC interview with Sam Bankman-Fried, the CEO of crypto exchange FTX, and Anthony Scaramucci, SkyBridge Capital founder.
SkyBridge Capital is a leading digital asset management firm, and FTX is now one of its highest shareholders.
In the interview, it became known that FTX had bought a 30% stake in SkyBridge Capital. The SkyBridge founder said he was excited about this latest development and welcomes FTX into its family.
Bankman-Fried, via his companies, has invested hundreds of millions of dollars in various cryptocurrency companies since the start of the bear market. The FTX CEO is focused on saving some struggling cryptocurrency companies.
Regarding his investment in SkyBridge Capital, Bankman-Fried said;
“The FTX team has gotten to know SkyBridge and its team over the last year, starting from the SOL conference that we attended last year. We have been really excited about what they have been doing not only in the digital asset space but also in the traditional financial markets. SkyBridge is doing an amazing thing by bringing the digital and traditional financial markets together, and we want to be a part of that. We see this investment as the next exciting step for our company..”
According to the details of the investment, SkyBridge Capital’s balance sheet will receive a $40 million boost, with the firm set to use the funds to purchase cryptocurrencies. Scaramucci pointed out that the digital asset management firm has already used the funds to purchase security tokens.
Scaramucc revealed that he convinced Sam Bankman-Fried to invest in SkyBridge Capital after going to him with a proposal on how the asset management firm will grow its portfolio as a digital asset management space and how it matches FTX’s long-term growth vision.
FTX remains one of the most active cryptocurrency companies in this bear market. It recently overtook Coinbase to become the leading cryptocurrency exchange in the United States.
FTX reviews within and outside the United States have been positive, and this could attract many stock traders to the cryptocurrency trading platform. Also, the low FTX fees also mean that the cryptocurrency exchange is growing far more quickly than any other reputable crypto trading platform.
