Sam Bankman-Fried recently commented in an interview with CNBC that he wants to help companies hit by the crypto market’s downward movement. The FTX CEO also revealed that he would be willing to invest “hundreds of millions” on top of what he has so far, and in some cases, “more than that”.
The interview came after the announcement that FTX and FTX US are negotiating to raise new funding. In January, FTX disclosed that it had raised US$400 million as part of a funding round, which valued the company at US$32 billion.
The executive said the funds would likely go toward mergers and acquisitions, including payments businesses, NFT companies, and the metaverse.
During the period, Bankman-Fried bought Canadian trading platform Bitvo and clearing company Embed. Recently, FTX Trading signed a term of commitment to provide revolving credit lines to cryptocurrency companies such as BlockFi and Voyager.
Bankman-Fried said there is no intention to dominate the market but rather to create conditions for other people to start using crypto and empower other companies.