Crypto VC FTX Ventures will acquire a 30% stake in SkyBridge Capital. The investment company will direct part of the funds to purchase digital coins in the amount of $40 million.
On Friday, FTX Ventures, the venture capital arm of FTX cryptocurrency exchange founded by Sam Bankman Freed, announced it had acquired a 30% stake in SkyBridge Capital without disclosing the amount of the investment.
However, we learn that the alternative investment company will use part of the proceeds ($40 million) to buy cryptocurrency. He will keep the tokens on his balance sheet as a long-term investment.
Sam is a visionary who has built an incredible business in synergy with the future of SkyBridge. Our business has continued to grow since we founded the company in 2005. We will remain a diversified asset management company by investing heavily in blockchain,” commented Anthony Scaramucci, founder of SkyBridge, in a post.
The investment will also give the New York-based company a new fund to “fund growth initiatives and new product launches.”
Former Donald Trump White House Communications Director Anthony Scaramucci and Sam Bankman-Freed will return to this securities transfer during the SALT conference on Monday. “We look forward to working closely with SkyBridge on their crypto investment business, as well as working with them on promising non-crypto investments,” SBF said.
Founded in early 2022, the FTX crypto exchange subsidiary already powers many Web3 projects such as Mina Protocol, Mysten Labs, or even xTerio, to name but a few of its recent operations.
Earlier this year, Scaramucci compared the SBF to financier John Pierpont Morgan. “Sam Bankman-Fried is the new John Pierpont Morgan – he’s saving the cryptocurrency markets like the original JP Morgan did after the 1907 crash,” he told Bloomberg in June.
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