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- FTX is ready to fund grappling firms in the crypto market.
- FTX is maintaining the second position in the crypto exchange market.
FTX is a cryptocurrency exchange platform founded in 2019 by the famous Forbes-listed Billionaire Sam BanKman Fried and Gary Wang. FTX is also listed among the top 10 best crypto exchanges globally.
FTX first established its workplace in the Bahamas and extended it to Nassau, New Province. The firm is generating total revenue of 18 billion annually.
According to the reports, Sam Bankman Fried was listed in Forbes as the youngest Billionaire in the Forbes ranking globally. When FTX was launched, it had a user base of 10K, but by May 2022, the company’s user base was nearly 1.2 Million.
Sam Bankman Fried mentioned in his interview While talking to CNBC media that he is ready to help crypto exchange firms that suffered during the crypto market crash.
Sam added more that he would be helping the severely affected firms like voyager and Blockfi to stay in the market by lending them the amount that can help revive quickly.
ALSO READ – Coinbase refused to accept SEC’s claim of “Nine Ethereum-Based Altcoins Are Securities.”
In the second quarter of 2022, Sam and his firm have helped Bitvo(A Canada-based trading platform) to sustain in the market and are also willing to issue funds on the credit line to other crypto exchanges struggling in the market.
Sam said that the amount issued by the company would be in the form of open-ended funds or Bond funds, and there will be a limit on the fund issuance.
“I will be happier if other firms come forward and help the companies failing to retain in the market due to the crash of the crypto market.” Sam Stated.
Conclusion
The initiative of Sam Bankman Fried, heading authority FTX to help struggling companies after the Crypto market is largely appreciated globally. He also required other lending firms to move forward to help the firm struggling. The crypto market has been struggling severely and facing an all-time high downtrend of specific cryptocurrencies. But it is believed the crypto market will likely improve in the next twelve months.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
