An Abu Dhabi-based crypto trading firm plans to bid for FTX Pay, the bankrupt payment unit of FTX.
Ripple and Hayvn among companies interested in FTX
The UAE’s Abu Dhabi-based crypto trading company Hayvn has announced that it is considering acquiring FTX Pay. Hayvn executives see FTX Pay as a very viable business that matches their payment infrastructure. Crypto exchange FTX is known to be planning to sell or reorganize its payments and subsidiaries.
Hayvn’s co-founder and CEO Christopher Flinos said that FTXPay is valuable to Hayvn because of its relationships with major companies like Mastercard. It also reportedly has a solvency balance sheet and a better management team:
We are pleased to learn that some of the FTX business has solvency balance sheets, responsible management and valued franchises. We are open to meeting with their banker, Perella Weinberg, as soon as we get the court’s approval to proceed.
New CEO John J. Ray will take the first step with Hayvn
cryptocoin.com As we have reported, the stock market officially declared bankruptcy on November 11. On this date, Sam Bankman-Fried resigned as CEO. Bankruptcy expert John J. Ray III has become the new CEO to oversee the firm’s restructuring. Hayvn’s board is dealing with FTX despite ongoing bankruptcy proceedings. Approved the bidding plan for FTXPay through a public process. The company is buying FTXPay for its relationships, not its technology.
According to its website, FTXPay is an app that allows traders to accept both crypto and fiat payments for a fixed 1 percent transaction fee with no minimum or upfront cost. Hayvn co-founder and CEO Christopher Flinos did not disclose the amount the company is prepared to pay for FTX’s payments business. However, he stated that the bidding plan for the company has been approved by Hayvn’s board of directors. He also said that “back channel discussions” are starting to show their interest.
Company prefers FTX Pay for a more advanced payment system
“This will be a public process,” Flinos told The National. But when this process is over, we want to be ahead of the others.” In his statements on the subject, he stated:
From the consultants point of view, they want to know that the bidders have money; we have money. They want to know that the bidders have a good job; We have a good job, we are regulated, we have a game plan, we can value it and we know how valuable it is to us.
FTXPay’s solvency is still uncertain as the exchange is still evaluating the company’s complex setup in its filing for bankruptcy. The bankruptcy filing has so far shown that the FTX entities have a total cash balance of $1.24 billion. Despite that, Flinos says FTX Pay is valuable because of its relationships with established companies like Mastercard.
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