Abu Dhabi-based crypto trading company Hayvn considering a bid for collapsed FTX’s payments business FTX Pay.
The collapsed payments company FTX Pay may be up for sale, according to Abu Dhabi-based cryptocurrency trading firm, the company said on Friday. Executives at Hayvn believe that FTX Pay is a well-suited company since it complements the trading company’s Pay infrastructure. According to reports, cryptocurrency exchange FTX intends to sell or restructure all of its businesses, including the payments company.
Hayvn intends to submit a bid for FTX’s payments business
The Abu Dhabi Global Market gave virtual asset trading company regulatory approval in December 2021. According to The National on November 25, Hayvn is now thinking about purchasing FTX Pay, the payments division of cryptocurrency exchange FTX, because it perfectly complements the infrastructure of the trading company.
Because of its connections to significant businesses like Mastercard, FTX Pay is a valuable asset for Hayvn, according to co-founder and CEO Christopher Flinos. Additionally, it apparently boasts a healthier management team and a solvent balance sheet.
“We are pleased to learn that some of the FTX business have solvent balance sheets, responsible management, and valuable franchises. We are open to a discussion with their bankers, Perella Weinberg, as soon as they have the court’s approval to proceed.”
FTX, Alameda Research, and subsidiaries filed for Chapter 11 bankruptcy in the U.S. on November 11. Sam Bankman-Fried resigned as CEO and insolvency veteran John J. Ray III became CEO of the crypto exchange to manage the restructuring of the firm.
