Sam Bankman-Fried Out to Win Whole Crypto Market, Early FTX-Backer says
— Race capital hopes, Inbox every evening, Extremely efficient, Liquidity crises, Raise compared, Profitable, Little bit, Direction — 1 min read
FTX has been on an ambitious deal-frenzy in the past two months. The Bahamas-based exchange recently agreed to acquire Bitvo and Embed Financial. FTX trades about $2 billion a day on average. Unlike some competitors, FTX made careful hiring decisions and focused on staying profitable. No other exchange or financial institution is in a position to step in and help contain losses in the crypto industry, Chris McCann, partner at Race Capital, told Blockworks. Most venture capitalists hunt for new deals in a market downturn, because valuations are likely to be depressed and expectations are reset. But McCann says worst times is typically the best times for venture investments, and this isn’t the first time, nor is this Source