Ripple Interested in Specific Assets of Bankrupt FTX Exchange

Ripple, through its CEO Brad Garlinghouse, has indicated an interest in acquiring some assets of bankrupt FTX as the latter continues its bankruptcy proceedings after its sudden collapse.

According to reports by The Sunday Times, Brad is interested in specific portions of FTX’s assets that serve institutional clients. In the interview, Brad said Sam Bankman-Fried had reached out to him in an attempt to look for investors to bail out the bankrupt firm days before FTX filed for bankruptcy protection. 

During his conversation with Bankman-Fried, the duo discussed aspects of FTX that Ripple might like to own. After failing to secure bailouts, FTX filed for Chapter 11 bankruptcy protection. The filing made in the court of Delaware covered about 130 companies with ties to FTX including FTX.US.

Bankman-Fried has since stepped from his role as CEO and has been the subject of intense legal and regulatory scrutiny for his handling of the firm’s finances. As previously reported by TheCoinRise, the former CEO pocketed $300 from funds raised in one of its financing rounds.

As the contagion from the collapse continues to spread, Multicoin Capital has predicted that many crypto firms will suffer a harsh fate due to their level of exposure to the FTX ecosystem in the coming weeks.

Meanwhile, with all the happenings in the crypto industry in the past weeks, Brad has said the industry will be stronger if its transparency and trust are upheld by players in the industry. “Ripple has and will continue to lead in this regard”, he added. Additionally, Ripple has published a regulatory white paper for policymakers in the UK as calls for proper regulations continue to heighten following FTX’s fall.

Ripple Plans to Expand Operations

If the deal to acquire specific assets of FTX does happen, it will present a unique opportunity for Ripple which has been in a lengthy legal brawl with the SEC, to scale its business operations as it looks to expand and enter new markets.

Interestingly the platform is already working on expanding its attention beyond the United States where it is domiciled. Ripple plans to secure a regulatory license from regulators in Ireland and expand its services in the European Union through Ireland.