London Daily

London Daily News
Wednesday, Oct 20, 2021

29 year old Crypto exchange CEO  plan to buy financial institutions such as Goldman Sachs

29 year old Crypto exchange CEO plan to buy financial institutions such as Goldman Sachs

According to the 29-year-old CEO of Digital Coin Exchange FTX, some of the world’s most prestigious financial institutions could be targeted for acquisition by young crypto companies.
Sam Bankman-Fried told the Financial Times that if the company founded in 2019 overtakes its rivals Coinbase and Binance, it could consider buying established financial institutions such as US banking giants Goldman Sachs and Exchange CME Group.

“If we are the largest exchange, [buying Goldman Sachs and CME] It’s not out of the question at all, “says Bankman Fried.

The statement emphasizes that a closer focus from regulators has not undermined the grand ambitions of senior executives in the fast-growing crypto sector.

So far, these ambitions are still going on. FTX wants evaluation around $ 20 Billion in Latest Financing RoundIn a recent interview, Bankman Fried told FT’s sister publication, Nikkei Asia. Goldman Sachs has a market value of approximately $ 135 billion and CME weighs approximately $ 76 billion.

But rival exchange Coinbase important At $ 76 billion, the same as French banking giant BNP Paribas at the time of the public offering earlier this year, the crypto-focused settlement company Circle announced plans to list on the public offering market this week at a valuation of $ 4.5 billion.

Bullish, decentralized exchange backed by a group of billionaire investors, Announcement It will be listed in New York through a Spac transaction with a valuation of approximately $ 9 billion. Bankman-Fried said FTX is considering listing on a traditional exchange, but such plans have been withheld so far.

“We are in a fortunate position that we don’t need capital because we don’t need it … On the other hand, listing has potential significant benefits, such as brand awareness,” he said. It was. “We are not actively looking for a list, but we want to be in a position to move forward if necessary.”

Bankman Fried is worth it Estimated $ 8.7 billionAccording to Forbes, from the ownership of FTX and crypto market maker Alameda Research, which was founded in 2017. He is currently participating in a new funding round for a private amount.

“M & A will be the most likely use of funds,” he said without specifying a possible target. He told Nikkei Asia that the new capital would be used for acquisitions to target individual investors and expand the company’s reach.

Unlike many crypto evangelists, Bankman-Fried states that traditional financial markets and digital currencies co-exist and play a complementary role. In his view, it will take years for a global regulatory framework to emerge, but regulation is inevitable.

“The biggest change we’ve seen last year is that crypto is big enough for regulators to care about,” he said.
Crypto exchange FTX sets sights on blue-chip acquisitions Source link Crypto exchange FTX sets sights on blue-chip acquisitions
Newsletter

Related Articles

London Daily
×