Is FTX’s SBF Back At Mass Acquiring With Latest Crypto Deal?

Money


Crypto exchange FTX head Sam Bankman-Fried was at the centerstage of this year’s crisis in the crypto credit scene. The billionaire investor acquired stakes in various companies, handed out loans in a bid to ‘save the industry’. In a latest, the billionaire acquired stake in Kwil Inc, a provider of decentralized database infrastructure. This comes at the back of FTX’s interest in acquiring the assets of bankrupt crypto lender Voyager Digital.

SBF Is Back At Acquiring Crypto Firms?

Earlier this week, it was reported that Binance and FTX were vying for acquiring Voyager assets. In a latest Securities and Exchanges Commission (SEC) filing dates September 22, the total offering amount was shown to be $9,674,000. The filing said that the nature of investment is in the form of equity. Along with FTX, the Digital Currency Group (DCG) is also said to be a part of the $9.60 million funding round.

Kwil is a first of its kind decentralized, community owned SQL database solution for building advanced dApps and protocols. The company offers a range of new functionalities for decentralized applications. According to Kwil, FTX is a partner that invest in various blockchain projects. “FTX is one of the world’s largest crypto exchanges and uses its venture arm to invest in projects throughout all verticals of blockchain technology.” FTX’s new acquiring bid is however subject to the SEC’s review. The SEC said it had not necessarily reviewed the information in the filing.

FTX’s Hurdles In UK

Recently, the British authorities issued warnings against the use of Sam Bankman-Fried’s FTX crypto exchange. The country’s Financial Conduct Authority (FCA) said FTX was offering products and other services without any authorization. This came amid the stepping up of guidelines around this unregulated industry of digital assets by the country’s regulators.

Earlier this year, SBF said he was open to acquiring more firms, including crypto miners. This comes after a pool of Ethereum miners had to shift elsewhere after the network transitioned to proof of stake consensus.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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