Crypto exchange FTX doesn’t mind buying Goldman Sachs, CME Group and other financial market giants. As soon as it overtakes its competitors – Coinbase and Binance. This was stated in an interview with the Financial Times by FTX head Sam Bankman-Fried. According to him, the exchange may consider a takeover of Goldman Sachs or CME, but only after sufficient growth. That is, according to Bankman-Fried, this can happen if the site becomes the largest.
This statement from the young CEO is important in that it clearly shows that such exchanges, with a history of only a few years, don’t deviate from their goals, despite all the regulatory restrictions, and that these companies with a short history can reach the same level as 100 year old banks, but in a shorter amount of time.
In May, FTX announced raising additional funding of up to $ 1 billion. Thanks to these funds, the company plans to increase its valuation to $ 20 billion. For example, the market value of Goldman Sachs is about $ 135 billion, and CME – about $ 76 billion.
FTX received $ 85 million in fee and commission income last year. And the exchange expects this to rise to $ 400 million in 2021.
Note that the fortune of the head of FTX Bankman-Fried is $ 10 billion, according to the Chinese research institute Hurun. Forbes estimates it at $ 8.7 billion. The overwhelming majority of which is its share in FTX and assets in FTT tokens.
Unlike many cryptocurrency maximalists, he believes that the digital money sector and traditional markets will grow together.
“The biggest change we’ve seen since last year is that the cryptocurrency industry has reached a level that regulators have been able to see”.
In March, the FTX struck a 19-year-old Miami Heat venue deal.
FTX is going to go public?
According to the head of FTX, the crypto company was considering going public. By going public, FTX will raise its profile, Bankman-Fried said. However, so far these plans have been suspended, since, according to the head of FTX, the company does not need capital.
Recall that so far, of the cryptocurrency trading platforms, only Coinbase is traded on the exchange. At the same time, at the debut auction, Coinbase’s valuation exceeded $ 100 billion. At the time of this writing, the market capitalization of the exchange is $ 50.7 billion, and the cost of one COIN share is ~ $ 243.
Namely, the Coinbase exchange Bankman-Fried considers the main competitor to FTX.
The site listed the stock directly on the NASDAQ in April. The world’s largest crypto marketplace, Binance, is not listed on the exchange. According to CoinMarketCap, Binance’s daily trading volume at 4:20 pm Moscow time is $ 62 billion.
At the end of June, FTX began trading tokenized shares of 60 of the largest companies, including Tesla, Google, Facebook, Netflix and others. Securities are traded 24/7, transactions are settled instantly.