Bankman-Fried Belies Bear, bids for Bitvo

Von Krypto News Österreich

Sam Bankman-Fried (SBF), FTX
  • The takeover by FTX is expected to be completed in the third quarter of 2022
  • CEO Sam Bankman-Fried previously said Blockworks that he was expecting a wave of M&A activities during the market skimming

The cryptocurrency exchange FTX has made an agreement to take over the Canadian cryptoasset trade company Bitvo in the middle of a bear market, the company

said

The Bitvo based in Alberta is integrated into FTX after the takeover, which is expected to be completed in the third quarter of this year.

The evaluation of FTX rose to $ 32 billion after it collected $ 400 million in its third round within six months, which indicates that it is well positioned to do acquisitions in this area.

CEO Sam Bankman-Fried said Blockworks in April that difficult market conditions could trigger a wave of mergers and takeovers and that it would be "not completely shocking" for the company to acquire some shrinking exchanges.

In May, Bankman-Fried personally bought a share of 7.6 % in the Robinhood trading platform. In June, FTX expanded to Japan after taking over a local fintech liquid group and its subsidiaries to cope with the strict regulatory environment there.

a recently Report of the crypto research company Kaiko shows that the bitcoin-trading volume FTX for the first time in May that is from Coinbase.

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The Post Bankman-Fried Belies Bear, Bids for Bitvo is not a financial advice.