FTX Ventures to Take a Stake in SkyBridge Capital

Another Addition To The Long List of FTX Partners

FTX Ventures, the investment arm of FTX, is in the light as they are thinking of taking a 30% of stake in Anthony Scaramucci’s SkyBridge Capital. The financial terms of the deal are still unknown. Sam-Bankman Fried launched its organization’s investment arm in January 2022. SBF is considered the youngest crypto billionaire in the space.

He has helped a lot of cryptocurrency firms in this tumultuous cryptosphere. He said that his company has a “few billion” to help repair the damage others have witnessed during these harsh times. Alameda Research, another trading firm owned by Sam-Bankman Fried, lent 200 Million USD to Voyager before their voyage ended up drowning in the crypto waters following the liquidity events.

Recently, FTX partnered with the social media platform Reddit to integrate its FTX Pay service with Community Points. The points are basically rewards offered to the users for their content and engagement in the community. SBF said that this partnership will enable Reddit users to acquire Ethereum through their service. Community Points enable unique membership features, tips, participation in community decision-making, and more.

Another collaboration of the organization includes GameStop, a video game retailer. The partnership led the gaming company’s share to escalate by 11%. The motive of the integration according to the firm’s owner is to introduce its users to the FTX community and associated platforms.

Sam-Bankman Fried is actively involved in political donations. He donated 5 Million USD to a PAC that supported Joe Biden for US president. Crypto regulations around the globe are barring digital assets from going mainstream around the globe. It appears like he has a higher motive and wants the authorities to loosen the harsh restrictions on cryptocurrency.

Gary Gensler, Chair of Securities and Exchange Commissions (SEC), addressed the crypto sector as the Wild West. The United States does not treat digital assets as the country’s legal tender. They act like money transmitters and bad actors can use them for illicit activities like money laundering.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.