Over 10 years we help companies reach their tech goals. Devonfertech is a value-driven technology agency dedicated.




+1 -868-37-DEVON

Crypto News

FTX Ventures to Acquire 30% Stake in Anthony Scaramucci’s SkyBridge (Report)

After the market turmoil that brought massive pain to numerous crypto-related companies, FTX continues to channel money into such entities.

The latest one in which the SBF-spearheaded organization will acquire a large stake is SkyBridge Capital.

  • According to a CNBC report from earlier on September 9, FTX Ventures will take a 30% stake in SkyBridge Capital.
  • The leaders of the two entities – Sam Bankman-Fried and Anthony Scaramucci, are set to provide further details on the deal later today.
  • SkyBridge will reportedly use a portion of the funds (around $40 million) to pay old investors and strengthen its balance sheet.
  • The firm began struggling due to its substantial exposure to the cryptocurrency industry after the market sank a few months ago.
  • As such, its flagship fund, as well as other company products, saw a significant investor exodus, as reported before.
  • SkyBridge also had to pause withdrawals for one fund that actually had exposure to FTX.
  • Scaramucci later admitted that going so big on bitcoin and the entire industry could have been a short-term mistake.
  • FTX, on the other hand, has been on a buying/investing spree in the past few months, offering to acquire portions in many of the struggling companies, such as BlockFi and Voyager Digital.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link



Leave a comment

error: Alert: Content is protected !!