FTX Successfully Raise Billions Of Dollars Will Be Used For Acquisition Fund

FTX will use billions of dollars to fund the company's acquisitions and expansions. (CryptoNinjas)

JAKARTA – The CEO of the FTX crypto exchange, Sam Bankman-Fried recently stated that the funds raised will be used as acquisition funds. The reason is, that FTX's parent company, West Realm Shire Services Inc. managed to get an injection of funds of more than 2 billion US dollars.

In an interview with Bloomberg, Sam Bankman-Fried on Friday, May 27, 2022, explained that FTX plans to expand and acquire using funds raised from investors.

According to Bitcoin.com News, FTX trading volume data shows that it is the second-largest cryptocurrency trading platform behind Binance in terms of the global trading volume. Over the past 24 hours, FTX has recorded 1.56 billion US dollars in crypto trading with its 338 coins and 524 trading pairs.

Furthermore, Bankman-Fried explained that the company's funds could be used for several acquisitions. “FTX is a profitable company,” said Bankman-Fried.

“You can look at the amount we've collected over the last year or two – it's a few billion dollars. That might give an idea of where we are in terms of cash that is explicitly seen from the standpoint of a potential acquisition", he added.

The FTX boss then explained the company plans to offer customers more products so they can stay on the platform for all their needs.

On the other hand, he also wants to focus on serving the platform to his customers. As part of its service improvement efforts, FTX US launched a commission-free equity trading platform.