Cryptobirzhi ftx CEO says Goldman Sachs acquisition “not ruled out” “

The FTX crypto exchange is currently seeking $ 20 billion for valuation, according to Bankman-Fried, the Ftx Chief Executive, and recently told the financial Times that there is “no problem”if the FTX is big enough to enable Goldman Sachs to grow. 

The success of FTX’s crypto exchange has made it stronger and stronger, and while not a success that rivals Coinbase and finance have achieved, it has contributed $ 85 million in commission in 2020 and is expected to bring in $ 400 million in 2021.

FTX is not currently planning an IPO, but is in the middle of a new round of funding and plans to raise it to $ 1 billion to expand its reach “beyond crypto-domestic market participants.”

In an interview with the FT, Bankman-fried said that if the FTX had grown enough, the acquisition of Goldman Sachs “would not be in demand.” 

“If we were the biggest stock market, [the acquisition of Goldman Sachs and CME] was not ruled out at all.”

The FTX launched in 2019, and in the three years since the company’s inception, Bankman-fried has generated $ 8.7 billion in net income, a good amount for the 29-year-old. While the FTX is seeking a valuation of $ 20bn, it is still a long way off buying Goldman Sachs, whose market capitalisation is currently valued at $ 129 bn.

The current round of funding will be used to attract “hundreds of millions on average” from institutions and further increase Sunday share for retail investors. And while the FTX is not currently looking for a listing,” we want to be able to continue the way we want to”:

“We’re lucky we don’t have to do this because we don’t need capital … On the other hand, there are potentially huge benefits in the offering, such as brand awareness.”

DISCLAIMER: This article is for informational purposes only. It is not recommended or intended for use as legal, tax, investment, financial or other advice.

Join the Discussion

  • BrokerEUR/USD
    OANDA 1.3pips (variable) margin: 3.33%
    FX Pro 0.91pips. (variable) margin: 3.33%
  • Back to top