Brett Harrison Usa Bahamas CEO Digital Binance Platform Racing Brett Harrison Usa Bahamas

FTX is looking to raise another $1B and the reason is surprising

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Sam Bankman-Fried’s Bahamian crypto exchange FTX is reportedly out to raise funds again, this time looking for investors to pump in as much as $1 billion in order to maintain its current valuation which is roughly $32 billion.This is an ambitious plan, given the current crypto bear market, but the billionaire CEO of FTX has broken several industry norms during the contagion by going on a shopping spree when others conserved cash.

According to a report by CNBC, if the ongoing negotiations are successful, FTX will be able to retain its valuation. The fresh capital injection will also help bolster Sam Bankman-Fried’s ability to acquire more firms operating in the crypto industry.

Fresh funds may also help FTX get ahead in the race to acquire the assets of bankrupt crypto lender Voyager Digital. Binance currently leads the race with a bid of around $50 million, with FTX’s bid closely trailing.

The 30-year-old CEO has been rather active during the crypto winter, undertaking a bailout campaign of struggling crypto firms that saw names like BlockFi and Voyager Digital getting lines of credit worth several hundred million dollars.

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