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FTX wants projects to get a $1B investment to face the crypto winter

FTX wants projects to get a $1B investment to face the crypto winter

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Sam-Bankman Fried’s cryptocurrency exchange FTX is in talks with venture capitalists for an additional $1 billion in funding, with plans to use the extra cash for financial purchases during bear markets.

According to a document published by CNBC on Wednesday, citing sources close to the matter, discussions are still ongoing and details could change. If the funding amount is confirmed, it would keep FTX’s market value at around $32 billion.

The upcoming $1 billion funding round would complement the $400 million FTX raised last January and could indicate strong investor confidence in the company despite the industry’s prolonged virtual currency winter.

Other details are currently scarce. Indications are that some of the additional capital will be used for more trading and cycling in the cryptocurrency world, which is not surprising given how engaged SBF and FTX’s quantifiable data firm Alamada Research were during the downtrend.

A potential FTX buyout of troubled virtual currency lending company Voyager Digital has been in the works since July, when it highlighted a joint bid with Alameda to buy Voyager right after it filed for bankruptcy.

Voyager criticized the proposal, characterizing it as a small offer disguised as a white warrior bailout or a move designed to garner media attention rather than advocate for Voyager’s clients in New York bankruptcy filings.

FTX has continued to search as Voyager began auctioning the remaining assets on September 13.

FTX still wants to invest.

Based on a document published by the Wall Street Journal (WSJ) on Tuesday, FTX and Binance have emerged as the main bidders for Voyager’s investment, with Binance offering around $50 million and FTX slightly less. The offer is open until September 29, and neither offer has yet been accepted, according to the WSJ.

The company’s investment group FTX Ventures announced its intention to buy a 30% stake in Anthony Scaramucci’s equity fund company SkyBridge Capital for an undisclosed sum.

Last June, FTX also agreed to buy Canadian virtual currency system Bitvo as part of its broader plans to expand into Canada. A month earlier, FTX US agreed to offer a $400 million revolving credit facility to troubled lender BlockFi and an option to buy the company for about $240 million.

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