SkyBridge will use part of the funds to buy $40 million in cryptocurrencies. Scaramucci, a former Trump advisor, referred to FTX CEO as a “visionary”.
- FTX acquires 30% of SkyBridge.
- SkyBridge will use some of the money to buy crypto.
- The two companies had already partnered in the past.
The venture capital arm of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. FTX is ready to buy a stake in SkyBridge Capital capital is most commonly defined as the large sum of money you would use to invest. the investment firm of reputed billionaire, Anthony Scaramucci.
According to a communiqué this Friday, FTX Ventures is acquiring a 30% stake in SkyBridge. While the details of the deal were not disclosed, the investment company said it will will use a portion of the proceeds to purchase USD $40 million in cryptocurrencies. These funds will be added to your corporate balance sheet as a long-term investment.
The investment of FTX Ventures will also provide SkyBridge additional working capital to fund growth initiatives and new product launches, according to the report.
Founded in 2005, SkyBridge managed approximately USD $2.5 billion as of June 30, 2009. including about USD $800 million in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets, according to Blockworks . The firm is led by Scaramucci, a well-known investor of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. who previously served as an adviser to former U.S. President Donald Trump.
FTX y SkyBridge strengthen their ties
The agreement extends the relationship between FTX and SkyBridge, that have been associated in the past to sponsor global SALT conferences in North America , Asia y Middle East and co-present the event ‘ Crypto Bahamas’ to be held in May 2022. Sam Bankman-Fried, co-founder and CEO of FTX he commented on the matter:
After working with Anthony and his team following our partnership at the SALT conference, we saw an opportunity to work more closely together in a way that could complement our businesses. We look forward to collaborating closely with SkyBridge on their crypto-investment activity and also working alongside them on promising non-cryptocurrency investments. .
Scaramucci, on the other hand, referred to Bankman-Fried as a “ visionary ” in the statement, and noted that the business will continue to be a diversified asset management firm that invests heavily in Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. .
Historically, SkyBridge has focused on traditional hedge funds, as reflected in the CoinDesk However, the firm recently opened up on digital assets amid the bull a person that is optimistic and confident that market prices will increase, this person is also known to be "bullish" about the market or price. run. In July, a report advanced that the firm was planning a dedicated Web3 fund to invest investing is when you put money in a financial scheme with the intent of making a gain. in late-stage cryptocurrency startups. Shortly before that, in April, SkyBridge had started an investment vehicle focused on the mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. of Bitcoin according to the regulators’ files cited by CoinDesk .
The company has been hit by the recent price slowdown in the cryptocurrency market, as it addsThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. According to Bloomberg after sharp falls in July, SkyBridge suspended reimbursements of one of their funds, which had exposure to FTX The company assures that it remains profitable and debt-free.
Despite the downtrend, Scaramucci has expressed optimism about Bitcoin . In June compared the fall of cryptocurrencies with what happened in the 2000s with the dot com. He said that, despite that scenario, many companies benefited and revealed that SkyBridge saw opportunities in the bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. so it was increasing its crypto holdings.
Regarding FTX the acquisition in SkyBridge adds to the company’s recent wave of investments. The investment arm of the exchange has participated in several rounds of Web3 and cryptocurrency companies. FTX has also offered ransom to troubled cryptocurrencies such as Travel y BlockFi and this week announced a partnership with GameStop .
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Article by Hannah Estefania Perez / DiarioBitcoin
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