Sam Bankman-Fried’s FTX acquires a 30% stake in SkyBridge Capital
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Cryptocurrency exchange FTX has bought a 30% stake in SkyBridge Capital, a leading venture capital firm in the cryptocurrency industry.
Crypto exchange FTX CEO Sam Bankman-Fried and SkyBridge Capital founder Anthony Scaramucci admitted interview with CNBC earlier on Friday.
In the interview, it was revealed that FTX had purchased a 30% stake in SkyBridge Capital, a leading cryptocurrency venture capital firm.
Scaramucci said he was pleased with the investment and believes SkyBridge Capital and the FTX exchange have a bright future.
Bankman-Fried is called the JP Morgan of the cryptocurrency space because his companies have invested millions of dollars to rescue some struggling cryptocurrency companies.
When asked about FTX’s latest investment in SkyBridge Capital, SBF said;
“We’ve gotten to know SkyBridge and its team over the past year, starting with the SOL conference we attended last year. We’ve been really excited about what they’ve done not only in the digital asset space but also in traditional financial markets. SkyBridge is doing an amazing thing by connecting digital and traditional financial markets and we want to be a part of it. We see this investment as the next exciting step (for FTX).
As part of the investment, $40 million will go directly to SkyBridge Capital’s balance sheet, and the private equity firm will use the funds to buy cryptocurrencies. Scaramucci commented that they have already purchased the security credentials.
He added that he met with Sam Bankman-Fried with a proposal on how SkyBridge Capital will grow its portfolio as a digital asset management space and how it matches SBF’s vision for FTX in terms of its growth.
FTX has invested heavily in cryptocurrency companies despite the ongoing crypto bear market. The cryptocurrency exchange continues to be one of the fastest growing in the cryptocurrency market and recently overtook Coinbase to become the largest cryptocurrency exchange in the United States.
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