What we know about Crypto Exchange FTX and the recent Skybridge deal

Crypto exchange business arm FTX has planned to buy a 30% stake in Skybridge Capital. Skybridge Capital is a hedge fund founded by Anthony Scaramucci.

The amount for which the deal was closed has not yet been disclosed.

According to reports, SkyBridge will use $40 million of the proceeds for the crypto market in order to strengthen its long-term balance sheet.

SkyBridge has been through a rough patch and the deal was sealed during this time.

Crypto investors from SkyBridge had pulled out due to the recent investment crash.

The industry as a whole has been reeling under a recession that has wiped out nearly $2 trillion in market value spanning nearly a year.

FTX, the exchange platform has been helpful in such difficult times for SkyBridge, helping the business and facilitating the growth of people by transferring products such as stocks and options.

Sam Bankman Fried, CEO of FTX said,

We look forward to working closely with SkyBridge on their cryptocurrency investment business and also working with them on promising non-crypto related investments.

Skybridge continues to stay bullish despite the crypto downturn

Mr. Scaramucci founded SkyBridge in 2005. He served as White House communications director under Donald Trump and later became a critic of the former president. Scaramucci has a penchant for cryptocurrencies.

The current turmoil in the market has caused many such businesses to file for bankruptcy and this has caused the price of cryptocurrencies to drop quite significantly. This also affected SkyBridge’s performance and prompted the company to suspend its capital withdrawals.

Despite such a situation, Scaramucci was quite positive about crypto and its prospects, he also tried to encourage investors to remain “disciplined” as heard in a recent interview.

FTX and SkyBridge share common interests

SkyBridge and FTX met in April when they held a conference together in the Bahamas.

SkyBridge hosts a series of conferences called SALT that bring together asset managers, entrepreneurs and others.

FTX has a multi-year partnership which is basically sponsoring these events in North America, the Middle East and even Asia.

This news followed Scaramucci’s annual Salt conference in New York.

The event is usually sponsored by Bankman-Fried, who is also a speaker.

Bankman-Fried’s FTX exchange, which is now a big business, depends on its revenue through trading fees, and that depends a lot on how the crypto market is going right now.

The current state of the market appears to have fallen 70 percent from its peak last fall, which has prompted favorable deals for bigger and richer companies.

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