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FTX Ventures acquires 30% of SkyBridge shares…Details here

FTX Ventures acquires 30% of SkyBridge shares…Details here

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Answer FTX Ventures acquires 30% of SkyBridge shares…Details here

After the market turmoil that caused great pain to many crypto-related companies, FTX continues to direct funds and invest in such entities.

The latest company FTX invested in is SkyBridge Capital, where it acquired and acquired 30% of its shares, according to a report CNBC issued earlier today, September 9th, FTX Ventures will acquire 30% of SkyBridge Capital shares.

Entity leaders Sam Bankman-Fred and Anthony Scaramucci will provide more details about the deal later today.

SkyBridge will reportedly use part of the funds (about $40 million) to pay legacy investors and bolster its balance sheet.

The company started struggling due to its significant exposure to the cryptocurrency industry after the market sank a few months ago.

Read:Can the recovery phrase for a bitcoin wallet be guessed? The answer is here

As such, its flagship fund, as well as the company’s other products, has seen a significant outflow of investors, as previously reported.

SkyBridge also had to pause withdrawals for one of its funds to which FTX was already exposed.

Scaramucci later admitted that what is happening with Bitcoin and the entire industry may be short-term.

On the other hand, FTX has been on a buying and investing spree in the past few months, offering to acquire parts in several struggling companies, such as BlockFi and Voyager Digital.

Read:Bitcoin drops to 11-week low and ADA continues to hit records

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