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Seeking Alpha 2022-07-06 19:46:23

FTX's Sam Bankman-Fried says company has a 'few billion' to support crypto space: Reuters

FTX CEO Sam Bankman-Fried revealed that his company has a "few billion" dollars available to help bring the cryptocurrency space back on its feet, Reuters reported Wednesday, citing the 30-year-old billionaire investor in an interview. Over the past year, Bankman-Fried and his crypto exchange have been dominating headlines in recent months, as it invests in some struggling crypto-focused firms to safeguard consumer assets."FTX has shareholders and we have a duty to do reasonable things by them and I certainly feel more comfortable incinerating my own money," SBF explained to Reuters. Recall at the beginning of July when FTX US, the American division of FTX, entered a deal to buy embattled crypto lender BlockFi for a variable price of up to $240M. That compares with a recent valuation of $4.8B. Of course, there's no guarantee that FTX US will recoup its investment. In the meantime, "we're starting to get a few more companies reaching out to us," SBF told Reuters. While FTX has $2B in cash to execute a deal, "it does get increasingly expensive with each one of these," he added. "If all that mattered was one single event, we could get above a couple billion," though that's not SBF's preferred route, as quoted by Reuters. On July 1, Sam Bankman-Fried said FTX's efforts to stem crypto contagion is "well worth it."

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