Crypto exchange FTX has ‘a few billion’ to support industry, Bankman-Fried says
— Weakened share price, Ricocheting, Around 70, Big shoes, Certainly feel, Preference, Two occasions, Cash, Faltered, Industry — 1 min read
Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, says he and his company still have a "few billion" on hand to shore up struggling firms. FTX has become crypto's white knight in recent weeks, throwing lifelines to struggling platforms which have faltered as cryptocurrencies prices have cratered. Bitcoin is down around 70% from its all-time November high of nearly $69,000. FTx has used its own cash to backstop failing crypto companies when it didn't make sense for FTX to do so. FTF has a $2 billion venture capital fund focused on digital asset investments. FTZ also in May revealed he had personally taken a 7.6% stake in Robinhood Markets Inc. Source