NewTradingView.com – Investing and Stock News
Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Investing

FTX CEO Bankman-Fried is okay with being called the ‘JP Morgan of crypto’

by August 31, 2022
written by August 31, 2022

Sam Bankman-Fried, the CEO and co-founder of major crypto exchange platform FTX, says he doesn’t mind being referred to as the “JP Morgan of crypto” for his role in bailing out other crypto companies.

During a recent interview with Bloomberg, Bankman-Fried also talked about where his company got funds to complete deals amid a crypto winter that saw Bitcoin (BTC/USD) fall to lows of $17,600 in June.

As many crypto companies struggled amid the bear market crash, FTX had the money to splash on acquisitions and offer rescue facilities to embattled firms. Where did the exchange get the money to do these deals?

The FTX boss explained:

“So, there were a few different versions of it. And you know one piece of this was basically the FTX balance sheet – like we keep our corporate cash just in dollars. And so we’d raised a few billion dollars over the course of the last couple of years. And we’re a profitable business.”

Even as it spent on deals, FTX was able to “partially” balance its balance sheet via earlier acquisitions. Also, some of the deals, like that with crypto lender BlockFi, was handled by FTX.US – which incidentally had also raised $400 million from investors earlier in the year.

JP Morgan of crypto

Akin to J.P Morgan’s when Wall Street’s hit turmoil in the early 20th century, Bankman-Fried has earned comparison and even called the ‘JP Morgan of crypto’ for his firm’s role in bailing out some crypto companies. He says this doesn’t bother him that much.

On why he felt he needed to do something, he said that he thought it was “the right thing for the industry.” 

He said that his company had a team of people working on the deals, who had a “very explicit mandate” – not to seek deals that would make a fortune for FTX, but ones that were “okay”.

The team’s goal, he noted, was however to ensure the company didn’t get its face “ripped off.” The higher goal was to bail out rather than maximising on deals. And if someone else would have done, FTX would have supported that, he added.

The post FTX CEO Bankman-Fried is okay with being called the ‘JP Morgan of crypto’ appeared first on Invezz.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Energy market a “crapshoot”: Supply-led bulls face off against demand-deficit bears
next post
Okta shares down 12% despite a strong Q2 and raised guidance

You may also like

Disney Q1 earnings report: ‘this stock is unmatched...

February 9, 2023

Bank of America sees a 50% upside in...

February 8, 2023

Google stock loses 9.0% after it’s A.I event:...

February 8, 2023

Ex-Coinbase manager pleads guilty to insider trading charges

February 8, 2023

U.K. CMA issues provisional decision on Microsoft-Activision deal

February 8, 2023

Nasdaq 100 forecast – can index continue to...

February 8, 2023

Jim Cramer is bullish on Uber stock after...

February 8, 2023

Summary of Powell’s remarks and what it means...

February 8, 2023

Best undervalued Bill Ackman stocks for 2023

February 8, 2023

What’s happening to Chipotle stock in extended hours?

February 7, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Popular Posts

  • 1

    My Trigger to Enter $VAPR

  • 2

    Multi-Millionaire Trader Explains Why You Should Start Trading With A Small Account {VIDEO}

  • 3

    Scaling Up Tips From A 24-Year Old Millionaire Trader {VIDEO}

  • 4

    Pay Attention to These Stocks

  • 5

    New ‘Hunger Winter’ Looms as Europe Prepares to Shiver

Recent Posts

  • Disney Q1 earnings report: ‘this stock is unmatched anywhere else’

    February 9, 2023
  • Bank of America sees a 50% upside in this travel stock

    February 8, 2023
  • Google stock loses 9.0% after it’s A.I event: buy the dip?

    February 8, 2023
  • Ex-Coinbase manager pleads guilty to insider trading charges

    February 8, 2023
  • U.K. CMA issues provisional decision on Microsoft-Activision deal

    February 8, 2023

Categories

  • Economy (615)
  • Editor's Pick (235)
  • Investing (1,639)
  • Stock (9)
  • About Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • Contacts

Disclaimer: NewTradingView.com, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 NewTradingView.com All Rights Reserved.


Back To Top
NewTradingView.com – Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick