FTX To Expand Into Traditional Financial Markets As Well; Bitcoin, Ethereum See Fall

Global crypto exchange FTX will use funds raised recently to buy shares in other companies in crypto as well as traditional financial markets
FFTX, a global cryptocurrency exchange, will use cash generated recently to invest in other businesses.TX CEO Backs PoS Cryptos Like Ethereum, Solana, Others

Sam Bankman-Fried, the CEO of global crypto exchange FTX, said on Saturday, the company plans to expand through acquisitions to increase product offerings. FTX proposes to use proceeds worth billions from recent fundraising rounds to buy shares in other companies. The crypto giant is expanding in crypto as well as traditional financial markets amid uncertainty in the crypto and equities markets, coingape.com reported. 
"FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two—it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle," Bankman-Fried said in an interview with coingape.com. 


Even as opinion is divided among policymakers regarding a central bank digital currency in the US, the US Federal Reserve’s vice-chair Lael Brainard presented a paper titled ‘On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)’ before the Financial Services Commission’s virtual hearing, forbesindia.com reported.