FTX To Expand In Crypto, Traditional Financial Markets

FTX CEO Sam Bankman-Fred revealed the company’s plans to expand through acquisitions to increase product offerings

FTX To Expand In Crypto, Traditional Financial Markets
FTX Token Cryptocurrency. FTT coin growth chart on the exchange, chart. High quality illustration

FTX Plans To Expand, Increase Product Offerings

On Saturday, Sam Bankman-Fried, the CEO of global crypto exchange FTX, stated that the company intends to expand through acquisitions in order to extend its product offerings.

FTX wants to invest billions of dollars in other companies with proceeds from recent fundraising rounds.

Despite the volatility in the crypto and stock markets, the crypto behemoth is developing in both the crypto and traditional financial sectors.


“FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two—it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.” 

Sam Bankman-Fried, CEO Of FTX

Existence Of CBDC In U.S?

Despite the fact that policymakers are split on whether the US should have a central bank digital currency, the US Federal Reserve’s vice-chair, Lael Brainard, presented a paper titled “On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)” before the Financial Services Commission’s virtual hearing.

Given that over 25 legislators were expected to offer questions during the virtual hearing, the vice-document chair’s submission right before the virtual hearing was seen as a strategic move. She said a CBDC could exist along with stablecoins and provide safety.

Manish Maheshwari, the former CEO of Twitter India, has resigned from Invact Metaversity, a metaverse-based higher education edtech business. He announced his departure on Twitter on Friday evening, just days after his conflicts with co-founder Tanay Pratap became public, according to Businessinsider.