Cryptocurrency

FTX ventures fund to buy back a third of SkyBridgeshares – media

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The investment arm of cryptocurrency exchange FTX, FTX ventures fund, will buy 30% of the shares of investment firm financier Anthony Scaramucci SkyBridge Capital. This was reported by CNBC, citing Scaramucci and FTX head Sam Bankman-Fried.

FTX ventures portfolio has a lot of interesting projects. SkyBridge intends to use some of the capital from FTX Ventures to invest $40 million in cryptocurrency. As part of the deal, Scaramucci says top management’s stake in the stock remained the same. At the time of the deal, SkyBridge Capital held $2.7 billion under management, but the firm wants to double that figure. For FTX, the deal will help it better provide services with ties to the traditional financial market, Scaramucci said.

In July, the media revealed that SkyBridge Capital’s cryptocurrency unit, called Legion Strategies Fund, had curtailed its ability to withdraw investment capital. What exactly caused the freeze is still unclear. According to the media, about 20 percent of the investment portfolio consisted of private companies whose shares were difficult to sell. One such is listed as a cryptocurrency exchange of Sam Bankman-Fried – FTX. However, the fund’s stake in the exchange is not disclosed.

In early September, Bankman-Fried complained about the poor financial return for saving the market. According to him, bailing out cryptocurrency companies during the crypto-zima led to “mixed” results. For example, during the market’s precipitous collapse, FTX Group spent about $1 billion to bail out big players like BlockFi. However, according to Bankman-Fried, not all of the deals paid off.

We previously reported that Uniswap was refusing to support Ethereum forks.

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