Ripple will study the possibility of purchasing the assets of the cryptocurrency exchange FTX. The company is interested in its enterprise-focused divisions, said CEO Brad Garlinghouse in an interview with The Sunday Times.
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On November 11, the FTX Group filed a bankruptcy filing under Chapter 11 of the U.S. Bankruptcy Code. The group comprises about 130 legal entities, including Alameda Research and FTX Trading.
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Garlinghouse said that FTX founder Sam Bankman-Fried called him when he was seeking financing to save the business. He said they discussed whether the exchange had divisions that Ripple \”would like to acquire.\”
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\”Part of our conversation was that if he needed liquidity, there may be companies he owns that we would like to acquire. … Would we buy some of them? I definitely think we would consider it,\” he said.
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The CEO added that, after the exchange filed for bankruptcy, the conditions on which he would be willing to acquire its assets had changed.
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\”I’m not saying we won’t consider these questions — I’m sure we will. But now finalising a deal is much more difficult,\” Garlinghouse explained.
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On November 19, FTX said it would engage the investment bank Perella Weinberg Partners to prepare some of its divisions for sale or restructuring. The company stressed that the move must be approved by the court.
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1/ Sharing a Press Release issued early today —
FTX launches strategic review of its global assets. Text below (and link). https://t.co/wxz9MYnXrn
— FTX (@FTX_Official) November 19, 2022
Earlier, on November 12, the Bahamas Securities Commission transferred all digital assets of FTX Digital Markets to a wallet under its control.
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