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FTX crypto exchange is going to spend billions of dollars on takeover bids

FTX crypto exchange is going to spend billions of dollars on takeover bids

FTX CEO Sam Bankman-Fried says his company is ready for takeovers with the potential to shell out billions of dollars.

According to Bloomberg, the head of the crypto exchange noted that the company has already reached a break-even level and is quite profitable. Over the past couple of years, the exchange has raised billions of dollars, and now it is trying to use the funds to expand.

“[Takeovers] are always something we'll be open to and keep an eye on,” the FTX founder said

It is still unknown which companies could appear in the "purchase basket". Earlier, the media found out that the cryptocurrency exchange is negotiating a takeover with several brokerage firms. According to CNBC sources, the FTX exchange is looking at several brokers such as Webull, Apex Clearing, and Public.com.  However, the details of the negotiations remain unknown.

Recall that in July 2021, Sam Bankman-Fried said that FTX is not opposed to buying a traditional financial institution as soon as it overtakes its competitors, namely, Coinbase and Binance. Then the head of FTX noted that the exchange might consider a takeover by Goldman Sachs or CME, but not before sufficient growth.

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