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FTX ‘Not Looking For M&A’ With Robinhood

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FTX 'Not Looking For M&A' With Robinhood

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Bahamian cryptocurrency exchange FTX remained in news recently after reports emerged of a possible takeover of Robinhood Markets. According to individuals knowledgeable about the matter, FTX remained in conversations to obtain Robinhood.

Bloomberg later on clarified that the derivatives platform has actually not extended Robinhood with a buyout proposition and might still choose versus pursuing any type of offer.

In a follow-up declaration to Bloomberg, FTX CEO Sam Bankman-Fried mentioned that his company is thrilled about possibly working together with Robinhood however that there were no active merger discussions, as pointed out in previous reports.

” We are thrilled about Robinhood’s company potential customers and prospective methods we might partner with them, and I have actually constantly been impressed by the organization that Vlad and his group have actually developed,” Bankman-Fried stated. “That being stated there are no active M&A discussions with Robinhood.”

Robinhood decreased to comment.

FTX is among the biggest crypto exchanges on the planet and provides derivatives items along with area trading. The company has actually ended up being a competitor to Coinbase and Binance, though it does not provide its services in the U.S.

FTX On The Move

In current weeks, Bankman-Fried’s company signed offers to bail out embattled crypto gamers. It had provide an assisting hand crypto lending institution BlockFi by offering $250 million credit center. Alameda, his quantitative trading company, likewise devoted $500 million in funding to Voyager Digital, a crypto brokerage.

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FTX ‘Not Looking For M&A’ With Robinhood 3

Despite mass layoffs in the crypto exchange organization, SBF-led company validated previously this month that it not be slashing tasks. Bankman-Fried tweeted on June 6 that his trading platform prepares to “keep growing” for the foreseeable future.

With regard to Robinhood, the popular trading platform that presented countless traders to Bitcoin [BTC], Ether [ETH] and Dogecoin [DOGE] came under pressure this year as trading volumes alleviate from 2021’s craze.

Those were times when retail financiers were hurrying to pump cash into shares of so-called meme stocks such as GameStop and AMC Entertainment.

But given that its 2021 launching in NASDAQ, the discount rate brokerage platform has actually shed approximately three-quarters of its worth and its present share cost has actually too diminished kind its going public.

That stated, Last fall, Robinhood revealed it was screening a crypto wallet and exposed that the waitlist for it had actually reached 1 million clients.

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