We Are Not Planning To Buy Huobi: FTX Founder Sam Bankman-Fried

Ethereum World News
Ethereum World News August 29, 2022
Updated 2022/08/29 at 7:03 PM
3 Min Read
  • The crypto entrepreneur SBF took to Twitter to share his opinion, addressing the growing notions about FTX acquiring Huobi in near future.
  • FTX founder Sam Bankman-Fried further shared that he is not planning to buy Huobi

FTX CEO and crypto entrepreneur Sam Bankman-Fried has finally issued a clarification via Twitter adding that contrary to the popular public opinion, his crypto exchange FTX is not planning to acquire Huobi.

FTX Is Not Buying Huobi

Sam Bankman-Fried, CEO of crypto exchange FTX took to Twitter to dismiss the growing assumptions of the masses concerning the acquisition of crypto exchange Huobi.

It was earlier reported that FTX was actively eyeing crypto exchange Huobi and may soon propose an acquisition deal for the same, however, on Monday, SBF issued a new clarification via Twitter adding that FTX  is not planning to buy Huobi.

FTX was recently embroiled in an array of swirling rumors concerning Huobi and the exchange being potentially interested in its acquisition. It was also reported that Sam Bankman-Fried alongside Justin Sun were strong contenders in the race to acquire a 60% stake in the Huobi crypto exchange. However, SBF’s recent tweet dismisses such developments outlining that FTX is, in fact, not planning to buy Huobi.

FTX Expands Its Base To Attract New Users 

The Bahamas-based FTX crypto exchange has continuously been scaling its services to establish a sturdy user base. The exchange has been on a consistent spending spree looking forward to new acquisitions in its bid to expand its reach. The exchange along with its US-based subsidiary had recently raised nearly $2 billion which according to SBF could be used to pursue suitable acquisitions.

“FTX is a profitable company…You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.” SBF later shared (Bloomberg)

FTX has consistently been working towards its expansion with the intent to offer a new suite of products to the masses. The exchange had earlier acquired LedgerX, which is a Commodity Futures Trading Commission-regulated exchange and clearing house. In April, the firm had also invested its stake in IEX Group INC,  alongside investing a 7.6% stake in Robinhood Markets Inc in its bid to establish market dominance.

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