Justin Sun hints at partnership with troubled exchange FTX
In the wake of Binance canceling all future relationships with FTX exchange, Justin Sun, the founder of Tron, has alluded to a prospective collaboration with the cryptocurrency exchange. The founder of Tron Justin Sun stated that his team is collaborating with all FTX TRX holders while the cryptocurrency exchange struggles with a severe liquidity shortage […]
Sequoia Capital reduces its $214 million stake in FTX to zero
Sequoia Capital, a venture capital firm, gave partners the assurance that it had conducted a thorough investigation before investing in FTX and had discovered that the exchange generated $1 billion in revenue and $250 million in operational income. Sequoia Capital, a venture capital firm, said in a letter to its partners on November 10 that […]
Binance withdraws from agreement to purchase FTX
The cryptocurrency exchange has canceled the acquisition after Binance revealed its intention to buy rival FTX on Tuesday. The company backed out of the agreement one day after cryptocurrency exchange Binance revealed its intention to buy rival FTX for an unknown sum. According to the exchange, the purchase will not be pursued after due diligence. […]
Temasek Works With FTX In Liquidity Crisis
Singapore’s Temasek made investments in several of FTX‘s round discoveries, which helped to raise its January $32 billion valuation. Temasek, a shareholder in FTX and a state-owned investment company in Singapore, is apparently working with the cryptocurrency exchange to address the liquidity crisis that resulted in the unanticipated (and ongoing) bail out on November 8. […]
Binance moves to acquire FTX exchange
Binance’s CEO has stated the intent of the company to acquire FTX exchange in what is described as an attempt to help cover the liquidity crunch. In a recent development, the CEO of Binance, Changpeng Zhao, often known as CZ, stated on Twitter that they had signed a non-binding Letter of Intent (LOI) to acquire […]