News hardware This man wants to save the crypto industry despite the fall of Bitcoin
While we are witnessing the carnage of certain cryptocurrency giants following the downward trend of all virtual currencies in the market, billionaire Sam Bankman-Fried has taken it into his head to save certain soldiers of the crypto in need. And why not expand your empire along the way…
FTX to the rescue for Voyager Digital customers
Since the start of the Bitcoin decline, the entire market has been pulled down, including companies in the sector. By falling from €60,000 to €20,000, bitcoin caused a loss of liquidity in the coffers of several crypto companies.
For this reason, the Voyager Digital exchange platform faces a delicate situation that puts its customers’ savings at risk. In fact, customers no longer have access to their investments for a few weeks.
This insolvency puts Voyager Digital on the brink of bankruptcy… Nevertheless, the director of the second largest cryptocurrency platform by volume intends to help Voyager Digital’s customers.
Sam Bankman-Fried, CEO of FTX, has reportedly put forward a proposal to help Voyager DIgital customers whose funds have been frozen for a few weeks. To do this, the giant offers to pay off the debt by buying the platform’s cryptocurrencies with the help of its investment fund Alameda Ventures. If the proposal is approved, FTX will thus own the name and the various intellectual properties of Voyager Digital.
This action would allow Sam Bankman-Fried to develop the clientele of his platform, as the unlocked cryptos will be available in early access, not on Voyager Digitale, but on FTX (when you open an account).
“Clients are not required to register with FTX and it would be entirely voluntary. Nor does FTX require a minimum number of clients to agree to participate. Any client who does not wish to register with FTX will retain all of their rights and claims during the bankruptcy proceedings, but will not get early access to a distribution of their claims through FTX, explains FTX in a press release.
The initiative is therefore not totally disinterested, the billionaire Sam Bankman-Fried, known as SBF, clearly transmitted his intentions at the start of the year: to develop his kingdom in the sector despite the crypto winter.
FTX wants to build a crypto empire: BlockFI, Bithumb…
After proposing the purchase of the Blockfi cryptocurrency platform for 240 million dollars, the 60th billionaire in the world believes that a new opportunity is being offered to him.
According to Bloomberg magazine, FTX is in full negotiations with a competing crypto exchange: Bithumb. Negotiations on the takeover of the platform would last “for several months”, but at the moment nothing has been done.
Bithumb is a cryptocurrency exchange platform created in 2014. Considered to be a pioneer in the sector, however, the famous company is facing financial difficulties after the crash of the LUNA cryptocurrency last May.
This “mercato” of cryptos is not in its infancy… Since the beginning of the year, FTX has already taken over companies in the sector such as Liquid and Bitvo.
The fall in the value of cryptocurrencies in recent months has made crypto companies pay a high price, but also and above all customers. Because of this, the industry gets bad publicity and users lose confidence. Nevertheless, the bear market (bear market in crypto) does not only make people unhappy. Sam Bankman-Fried intends to take advantage of the difficulty of certain companies in the crypto sector to expand his empire. The director of FTX understands this well, so he believes that his rescue strategy does not only involve companies in difficulty, but the entire sector.