Cryptocurrency exchange FTX expects to confirm a $32 billion valuation following a potential investment round. This was reported to Bloomberg by knowledgeable sources.

The American division of the company has similar plans.

The publication reminds us that in recent months, companies owned by the founder of the platform, Sam Bankman-Fried, have sent ~$1 billion to support the industry.

In July, FTX US made a $400 million revolving loan to BlockFi and received a $240 million repurchase option. Previously, the parties agreed on a $250 million revolving line of credit.

Prior to this, Bankman-Freed-affiliated Alameda Research provided a 200 million USDC loan and a 15,000 BTC (~$300 million) revolving loan to cryptocurrency broker Voyager Digital.

Earlier, the CEO of FTX promised to spend “billions” to buy shares in other companies.

Sam Bankman-Fried reports that the bitcoin exchange plans to acquire “troubled” cryptocurrency mining firms and take over online broker Robinhood. He also warned of the “hidden bankruptcy” of some crypto exchanges.

Learn more about Bankman-Fried in the ForkLog tutorial flashcards.

Recall that in January 2022, FTX raised $400 million at a valuation of $32 billion, and its US subsidiary increased by $400 million.

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Sandra

I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.