July 28, 2021

Crypto exchange FTX sets sights on blue-chip acquisitions

Some of the world’s most prestigious financial institutions could become acquisition targets for young cryptocurrency companies, according to the 29-year-old chief executive of digital coin exchange FTX.

Sam Bankman-Fried told the Financial Times the company he founded in 2019 could consider buying an established financial institution such as US banking giant Goldman Sachs or exchange CME Group, once it overtakes rivals Coinbase and Binance.

“If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all,” said Bankman-Fried.

The statement underscores how a tighter focus from regulators has not dulled the grand ambitions of senior executives in the rapidly growing cryptocurrency sector, where valuations for companies they founded just a few years ago match or surpass banks with a century or more of history behind them.

For now,…

Read full article here: www.ft.com