Even after the market instability that caused a significant amount of harm to a wide variety of crypto-related companies, Sam Bankman-Fried’s crypto exchange platform FTX continues to invest money in those types of companies.
New York-based global investment firm SkyBridge Capital is the most recent company in which the exchange will acquire a significant share.
A report that was published by CNBC earlier on September 9 stated that FTX Ventures would acquire a thirty percent stake in SkyBridge Capital.
Sam Bankman-Fried and Anthony Scaramucci, the respective heads of the two firms, are planning to present additional information regarding the business deal soon.
According to reports, SkyBridge intends to use a portion of the assets (about $40 million), in order to pay back previous investors and strengthen its balance sheet.
It is important to note that when the crypto market began to decline a few months ago, the company’s large exposure to the cryptocurrency industry caused it to begin having financial troubles.
SkyBridge Capital affected by the current market conditions
As a consequence of this, a considerable number of investors left its flagship fund as well as other products offered by the company, as was previously reported. SkyBridge Capital was also required to halt withdrawals for one of its funds since the fund actually held FTX exposure.
SkyBridge Capital’s Scaramucci later acknowledged that betting such a large amount of money on bitcoin and the entire industry may have been a mistake in the short term.
On the other hand, FTX has been on a buying/investing spree over the past few months, making offers to acquire sections in many of the firms that are having difficulty succeeding. This includes troubled crypto platforms BlockFi and Voyager Digital.
In July, as TheCoinRise reported, the exchange’s CEO said that FTX has a “few billion dollars” in hands to support the troubled firms in an effort to stabilize the digital asset market.
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