Cryptocurrency exchanges

Crypto Exchange FTX in Talks to Raise $1 Billion in Funding

FTX is trying to raise $1 billion in funding to make various acquisitions.

FTX, a Bahamian cryptocurrency exchange established by Sam Bankman-Fried, is reportedly in talks with investors to raise $1 billion in funding.

According to the news report shared by CNBC, the deal is kept under wraps as the negotiations are still ongoing and terms could change.

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In January, FTX raised $400 million in funding from investors, such as SoftBank’s Vision Fund 2, Singapore’s Temasek, and Tiger Global. The new funds would keep FTX’s valuation at around $32 billion.

Based on undisclosed sources, the FTX aims to gather capital for making various deals in the crypto market. It comes as no surprise, as the company is actively pursuing signing several purchasing deals.

In July, FTX signed a deal to purchase crypto lender BlockFi and was in progress talks, aiming to buy South Korean Bithumb. In late July, the news broke that FTX aims to acquire the trading platform Robinhood. However, one of the most infamous FTX attempts was when the company tried to buy bankrupt crypto lender Voyager Digital.

The company aimed to buy all Voyager’s digital assets and digital asset loans, excluding Three Arrows Capital (3AC) loans. Voyager has quickly declined this offer claiming to the New York bankruptcy court that the bid is “not value-maximizing” and can “harm customers.” Moreover, the company called it “a low-ball bid dressed up as a white knight rescue.”

However, it seems that FTX is not ready to give up on his plans to acquire Voyager. On September 13th, Voyager started an auction for its remaining crypto assets and FTX was first in line.

According to the report shared by The Wall Street Journal (WSJ), two crypto exchanges, Binance and FTX, are leading bidders to acquire Voyager assets. The report noted that Binance’s bid is worth around $50 million, while FTX’s offered amount is slightly over $50 million. The auction is expected to end on September 29th. The Wall Street Journal claims that no bid was yet accepted by Voyager.

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