FTX exchange acquires a 30% stake in SkyBridge Capital

Cryptocurrency exchange FTX has acquired a 30% stake in SkyBridge Capital, a leading venture capital firm in the cryptocurrency space.

Sam Bankman-Fried, the CEO of crypto exchange FTX, and Anthony Scaramucci, SkyBridge Capital founder, granted an interview to CNBC earlier on Friday.

In the interview, it was revealed that FTX had bought a 30% stake in SkyBridge Capital, a leading venture capital firm in the cryptocurrency space.

Scaramucci said he was delighted by the investment and believes there is a bright future for SkyBridge Capital and FTX exchange. 

Bankman-Fried is called the JP Morgan of the cryptocurrency space as his companies have invested millions of dollars to save some struggling cryptocurrency companies. 

When asked about FTX’s latest investment in SkyBridge Capital, SBF said;

“We’ve gotten to know SkyBridge and its team over the last year, starting from the SOL conference that we attended last year. We have been really excited about what they have been doing not only in the digital asset space but also in the traditional financial markets. SkyBridge is doing an amazing thing by bringing the digital and traditional financial markets together, and we want to be a part of that. We see this investment as the next exciting step (for FTX).”

As part of the investment, $40 million will be going directly to SkyBridge Capital’s balance sheet, and the venture capital firm will use the funds to buy cryptocurrencies. Scaramucci commented that they have already bought the security tokens. 

He added that he met Sam Bankman-Fried with the proposal on how SkyBridge Capital will grow its portfolio as a digital asset management space and how it matches SBF’s vision for FTX in terms of its growth.

FTX has been heavily investing in cryptocurrency companies despite the ongoing crypto bear market. The crypto exchange remains one of the fastest-growing in the cryptocurrency space and recently overtook Coinbase to become the largest crypto exchange in the United States.