Bankman-Fried said his company may invest ‘hundreds of millions’ in the crypto market
Sam Bankman-Fried, the chief executive officer of FTX, told CNBC that he would be prepared to spend “hundreds of millions of dollars above what we have so far, and in certain instances much more than that” to backup crypto companies hit by the current market drop.
In a recent interview with CNBC, the CEO of FTX, Sam Bankman-Fried, said that he would be prepared to invest “hundreds of millions of dollars above what we have so far and in some instances much more” to bolster crypto-market-impacted enterprises.
The interview takes place days after Bloomberg reported that FTX and FTX US are discussing raising more capital, after a June spending binge in which the business deployed roughly $1 billion over two weeks.
During this period, Bankman-Fried acquired the Canadian trading platform Bitvo and the clearing house Embed and entered into agreements to offer revolving credit lines to the failing cryptocurrency companies BlockFi and Voyager.
Although Bankman-Fried said that the firm’s deployment budget is “unlimited,” he emphasised that “there is a cap.”
When asked whether his recent purchasing run is setting the circumstances for a monopoly, he said that this is not something FTX actively seeks and adds, “we would love for other investors to provide funds to those in need.”