- Summary:
- FTX exchange, through its venture arm, has acquired a 30% stake in SkyBridge Capital. We discuss this and FTX's crypto rescue mission.
FTX exchange’s investment arm, FTX Ventures, has acquired a 30% stake in Anthony Scaramucci’s SkyBridge Capital. SkyBridge will spend part of the proceeds to purchase $40 million worth of cryptocurrencies for long-term holding on its balance sheet. However, the financial details of the deal were not shared by the two companies. Scaramucci has assured the public, however, that SkyBridge will continue to be a diverse asset management firm while making significant blockchain investments.
With FTX, crypto companies get a second chance.
This agreement represents the continuation of SkyBridge and FTX’s long-standing partnership. They had already begun working together on a multi-year relationship to sponsor SALT events across the world, including in North America, Asia, and the Middle East. Furthermore, the companies have agreed to increase their partnership on venture and digital asset investing across all of their existing and future offerings.
Many cryptocurrency companies are facing insolvency as a result of the worldwide digital assets price crash, and FTX has stepped up to the plate and helped them. In recent months, FTX has invested in a number of crypto companies, one of which is BlockFi. Furthermore, there are rumours that the company is planning to acquire a sizable share in Robinhood.
Even though the deal hasn’t been officially confirmed, CEO Sam Bankman-Fried already has a 7.5% ownership in Robinhood. More importantly, Bankman-Fried has not been coy about the fact that FTX wants to invest in more cryptocurrency companies.
Attracting more American consumers as a means of fueling growth in the country is a primary priority for Bankman-Fried. Leaked financials show that FTX’s U.S. business, FTX.US., generated less than 5% of FTX’s $1 billion in 2021 sales. On Monday, September 12 at 9:00 a.m. ET, Anthony Scaramucci and Sam Bankman-Fried will talk about their new cooperation on stage at SALT New York.