What do we know about Crypto Exchange FTX and Skybridge’s recent deal
Kryptobørs FTX’s venture arm has planned to buy a 30% stake in Skybridge Capital. Skybridge Capital is a hedge fund founded by Anthony Scaramucci.
The amount for which the agreement was concluded has not yet been made public.
According to reports, SkyBridge will use $40 million from the proceeds to buy crypto to bolster its long-term balance sheet.
SkyBridge has undergone a difficult update and the deal was sealed during such a time.
Crypto investors from SkyBridge had exited due to the recent investment crash.
The industry as a whole has been staggering during a downturn that had wiped out close to $2 trillion in market value over nearly a year.
FTX, the exchange platform has been helpful in such difficult times for SkyBridge by helping the business and facilitating the growth of people by moving the products like stocks and options.
Sam Bankman Fried, CEO of FTX said,
We look forward to working closely with SkyBridge on their crypto investment activity and also working with them on promising non-crypto related investments.
Skybridge remains bullish despite crypto decline
Scaramucci founded SkyBridge in 2005. He has served as White House communications director under Donald Trump, and he later became a critic of the former president. Scaramucci has been inclined towards cryptocurrencies.
The current disruption in the market has caused many such businesses to file for bankruptcy, and it has caused the price of cryptocurrencies to plummet quite significantly. This has also affected SkyBridge’s performance and pushed the firm to suspend withdrawals of its funds.
Despite such a situation, Scaramucci has been quite positive about crypto and its prospects, he has also tried to encourage investors to remain “disciplined” as heard in a recent interview.
FTX and SkyBridge share common interests
SkyBridge and FTX had come together in the month of April where they held a conference together in the Bahamas.
SkyBridge hosts a series of conferences called SALT that bring together asset managers, entrepreneurs and others.
FTX has a multi-year partnership basically sponsoring these events in North America, the Middle East and even Asia.
This news was followed by Scaramucci’s annual salt conference in New York City.
The event is usually sponsored by Bankman-Fried who is also a speaker.
The exchange FTX owned by Bankman-Fried’s, which today is a big business, has been dependent on its income through trading fees, and it depends heavily on how the crypto market is doing at the moment.
Today’s market situation appears to have fallen by 70 percent from the peak last autumn, which provided favorable deals for larger and richer companies.
