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The CEO of the FTX cryptocurrency exchange says his company’s bailout efforts within the industry have achieved mediocre results so far.
In an interview with Bloomberg, FTX CEO Sam Bankman-Fried said: To tell Host David Rubenstein says all of his company’s efforts to shore up the ailing cryptocurrency firm, including the money he spent on beleaguered crypto broker Voyager Digital, turned a profit. He said he wasn’t there.
Mixed, basically the answer. [it] Also.
We had to make quick decisions and hopefully things will turn out to be a good investment. If the results are bad, it’s a bad investment, but we’ve somewhat limited the amount of money you can lose on it.
When asked how FTX came up with the funds to provide loans, the billionaire said:
There were several different versions of it. One Piece was just FTX’s balance sheet. We keep our company cash in dollars and have raised billions of dollars over the last few years. We are a profitable business.
We also made some acquisitions, so it was partially balanced, but we had some cash left over. For example, in the BlockFi trade, I believe it was on the FTX.US balance sheet.
Back in early summer, the BlockFi lending platform reached an agreement with FTX.US for a $400 million revolving credit facility and an option for FTX to acquire BlockFi for a variable price of up to $240 million.
The CEO explains what motivated FTX to help crypto companies in need.
“I think that’s what felt right for the industry. The very clear mandate we gave the team of people working on this was, ‘Your goal with this is not to make a fortune. Your goal is to make good deals [and] Don’t let your face fool you.”
but subject to that [was also to] Please do everything you can to save the industry. The higher goal was not to maximize these deals, but to try to protect the location.
Earlier this year, FTX spent hundreds of millions of dollars to support its cryptocurrency business.
Bankman-Fried told Decrypt’s GM podcast almost a month ago about the lackluster response from other big players in the crypto industry when it came to stepping up to help bail out companies in distress. said he was disappointed.
“For all of these types of remedies that we have attempted, we have reached out to everyone we can to assist us…
Our sense was that, unfortunately, not many people actually participated in the game.
If no one else does, we will. We think that’s the right thing to do.
Me
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Featured Image: Shutterstock/Salamahin/Brian A Jackson
