FTX CEO Sam Bankman-Fried has ‘A Few Billion’ for Bail Outs
In the latest interview, Sam Bankman-Fried, the CEO of FTX ,shared that he still has funds for saving companies facing financial trouble.
For the last few months, Bankman-Fried, also known as SBF, has been rescuing crypto companies on the verge of collapse. The CEO has already extended a helping hand to BlockFi and Voyager.
He gave a credit facility of over $400 million to BlockFi and made similar provisions of about $200 million for Voyager. As SBF is now known for saving troubled companies, several small companies have reached out to him for help.
For this, SBF has set up FTX Ventures, which acts as the investment arm of the exchange. The $2 billion venture capital fund is used for investing in promising digital assets. FTX exchange has “a few billion” reserved for bailing out firms facing financial problems, SBF said in a recent interview with Reuters.
However, the CEO admitted that each additional bailout has “become more expensive” than the previous one. Even in this situation, FTX can fish out a few billion for that “one single event if that is all that matters.”
Admitting that each bailout has “become more expensive” than the prior ones, the crypto billionaire noted that FTX could still deploy a couple billion for “one single event” if that is “all that matters.” However, it was not his preferred strategy, he added.
Bankman-Fried further admitted that the ongoing market crash was a “bit worse” than he had anticipated. He further revealed that the crash has seeped deep into the market and some smaller firms are reaching out to him for help.
In an earlier interview, Bankman-Fried revealed that he was picky with the companies he tries to save. In any case, SBF concluded that FTX is open for talks with any companies in the industry.
You might be interested in: FTX Review (2022): Is FTX the best exchange?
The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.