FTX has a “few billions” to support struggling crypto firms, says Bankman Fried

Crypto expert and head of one of the world’s largest crypto exchanges Sam Bankman-Fried said he and his company still have a “few billion” to support struggling crypto firms.

“We’re starting to get a few more companies reaching out to us. Those firms are generally not in dire situations, though some smaller crypto exchanges may still fail,” Bankman-Fried said in an interview adding that the industry has moved beyond “other big shoes that have to drop,”

The crypto industry has been heavily influenced in recent months by the decline of Bitcoin, with the cryptocurrency falling 70 per cent from its all-time high of nearly US$69,000 in November.

Amid the turmoil, Bankman-Fried and FTX have been actively helping ailing crypto firms regain their footing and reputation.

Bankman-Fried’s crypto-trading firm Alameda Research gave crypto-lender Voyager Digital a US$200 million cash and stablecoin revolving credit facility and a facility of Bitcoin after it suffered losses from its exposure to crypto-hedge fund Three Arrows Capital.

FTX handed U.S. crypto lender BlockFi a US$250 million revolving credit facility and announced a deal giving FTX the right to purchase it based on certain performance triggers.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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