The Investment of $400 million that FTX acquired in January would be boosted by a potential billion dollars investment round. The company is reportedly looking for additional funds to buy deals during the current crypto winter.
According to reports, Sam-Bankman Fried‘s cryptocurrency exchange, namely FTX is currently in talks with the potential investors to acquire another $1 billion in fresh cash as it seeks to use the additional funds for financial transactions during the down market.
The discussions continue to be in progress, so the specifics might yet alter, according to an Wedn article by CNBC that cites individuals familiar with the case. The investment amount would maintain the company’s existing worth of almost $32 billion dollars if it turned out to be genuine.
FTX Currently Speaking With Potential Investors To Acquire Another Billion Dollars Funding:
In addition to the existing $400 million that the firm acquired in January, the prospective $1 billion investment round might indicate significant confidence from their investors in the company despite the industry’s protracted bearish market.
There are yet little further information. Sources however, has claimed that portion of the extra funds will instead be used for further dealing and wheeling in the cryptocurrency field. It is understandable considering how busy FTX and SBF’s Alamada Research, a quantitative research business, had been throughout the bear market.
Since July, when the firm laid out a joint bid with Alameda to acquire troubled cryptocurrency lender Voyager Digital following its bankruptcy filing, there have been rumblings about a prospective takeover of Voyager Digital by FTX.
The Wall Street Journal (WSJ) reported on Tuesday that FTX and Binance are now the top suitors for the Voyeger-owned assets, with the former’s offer coming short in just under $50 million and Binance’s estimated to be about the same amount. Both bids have not yet been approved, according to the WSJ, and the auction is still open until September 29.