Ripple CEO plans to acquire some FTX businesses

The Sunday Times reports that Ripple may be interested in buying some of the assets of the recently bankrupt exchange FTX.

According to the report, Ripple CEO Brad Garlinghouse said that he wants to divest parts of the company from its stake in other companies and focus on the parts that work with institutional clients.

Ripple Eyes FTX Assets

Garlinghouse claimed to have spoken with Sam Bankman-Fried, the founder of FTX, on Wednesday. This was when SBF sought investors to raise funds before the company filed for bankruptcy. he said:

part of my conversation [with SBF] Like it needs liquidity, maybe there’s a business that it’s bought or has that we want to own. Maybe those are the investments we want. Would we have bought some of them from them? I think it was on the table.

However, he added that FTX filing for bankruptcy makes any deal different. Even so, he added that Ripple would still consider buying some assets, although it would not be as easy as before.

With FTX having stakes in over 100 companies, the acquisition of Ripple could be a good way for the San Francisco-based company to expand its business.

Meanwhile, Ripple has previously shown interest in buying the assets of failed crypto lender, Celsius. But in the end it did not bid for it.

Ripple also wants former employees of FTX

The cross-border payments crypto firm is already attracting former FTX employees.

David Schwartz, Ripple’s chief technology officer, said that his firm is open to hiring any FTX employee who is not working in the business ethics, compliance and finance department.

The XRP community praised this uniqueness as reports revealed that the bankrupt exchange had almost no finance department. The firm also faces regulatory scrutiny due to misappropriation of clients’ funds.

In an interview with CNBC, Garlinghouse also pointed out that the cryptocurrency industry needs to mature. According to him, although Ripple is not a public company, it is highly transparent.

Ripple XRP Rises From Market Turmoil

Ripple XRP is the only digital asset in the top 10 that was not affected by the FTX explosion.

XRP is up 5.4% over the past week, trading at $0.3863 at press time, according to data from CoinMarketCap.

For context, Bitcoin and Ethereum respectively shed 0.9% and 3.8% of their values ​​in the same time frame. The fall caused Solana to lose her spot in the top 10.

For the latest on BeInCrypto Bitcoin (btc) analysis, click here,


All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source link

Leave a Comment