FTX Ventures Will Not Merge With Alameda Research, SBF Says

The CEO of the cryptocurrency exchange FTX – Sam Bankman-Fried – said the venture capital arm of his company (FTX Ventures) will not merge with the principal trading firm Alameda Research.

This comes as the latter’s Co-CEO resigned earlier this week.

Bloomberg reported recently that FTX Ventures will absorb the operations of Alameda Research, both of which entities were founded by SBF.
However, in a recent tweet, the 30-year-old billionaire denied those rumors, classifying them as a “big misrepresentation.”

this seems like a big misrepresentation to me!

FTX has been doing more venture recently, and I guess maybe Alameda has been doing less? That’s a really different thing than what the headline implies! https://t.co/qQUCOHtIUg

— SBF (@SBF_FTX) August 25, 2022

He then explained that the line was “misinterpreted” since FTX Ventures’ and Alameda Research’s operations are not entirely the same.
It is worth noting that both companies have provided financial help to troubled cryptocurrency participants during the ongoing bear market.
In June, BlockFi secured a revolving credit worth $250 million from FTX, while Alameda Research provided Voyager Digital with $200 million in cash and $300 million worth of digital currencies.
Yesterday (August 25), Alameda’s Co-CEO – Sam Trabucco – announced he will resign from his post after staying in that position for over three years. Despite his departure, he vowed to stay connected to the cryptocurrency sector:

“I can’t 100% remove myself from crypto without going into withdrawal, so I’ll probably still be around here to some extent. I don’t currently have other “projects” lined up or anything, but I wouldn’t rule anything out in the future once I feel more “recovered.”

The post FTX Ventures Will Not Merge With Alameda Research, SBF Says appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published.