Cryptocurrency Exchange FTX Announces It Has Acquired 30 Percent Of The Well-established Investment Company!

According to a report on CNBC, FTX Ventures, owned by Sam Bankman-Fried, continues its investments and will acquire a 30% stake in the investment firm SkyBridge Capital led by Anthony Scaramucci.

SkyBridge To Transfer Funds From FTX Acquisition To Cryptocurrency Investments

According to the report, SkyBridge will use some of the incoming funding to allocate $40 million to crypto investments to keep it on its balance sheet as a long-term investment.

According to the press release, FTX Ventures’ investment will also provide SkyBridge with additional working capital to fund its growth initiatives and new product launches.

The agreement stands out as the last link in a series of collaborations between the two companies. The two companies have previously signed a multi-year partnership to sponsor global SALT conferences and co-present Crypto Bahamas.

In his statement, Bankman-Fried said the following on the subject:

“After working with Anthony and his team following our SALT conference partnership, we saw an opportunity to work more closely together in ways that could complement both of our jobs.

with SkyBridge cryptocurrency We look forward to collaborating closely on their investment activities and also working with them on promising non-crypto related investments.”

Founded in 2005, SkyBridge turned to crypto during the bull period and has been negatively impacted by the recent downturn in the crypto market. According to Bloomberg, after the sharp drops in July, SkyBridge suspended cash outflows for one of its funds that invested in FTX.

But SkyBridge remains profitable and debt-free despite market conditions, according to the company.

Despite short-term troubles, Scaramucci remains hopeful about Bitcoin in the long-term. In July, it was also reported that the firm plans to launch a web3-focused fund.

*Not investment advice.