FTX Has No Plans To Acquire Majority Stake In Huobi

FTX, Alameda Want to Prevent Liquidity Issues
Entry Into The Canadian Market

FTX CEO, Sam Bankman-Fried, also known as SBF, said that the major crypto exchange FTX would not be acquiring a majority ownership stake in Huobi. In a tweet on Monday, SBF expressly refuted a story stating that FTX planned to purchase cryptocurrency exchange Huobi. On August 12, a news source claimed that Huobi co-founder Leon Li was thinking about selling his majority stake in the business, which is worth more than $1 billion.

FTX, Alameda Want to Prevent Liquidity Issues

Under SBF's direction, FTX and Alameda Research engaged a few times during the bear market to save crypto businesses from having liquidity problems. In a June interview, Bankman-Fried stated that both firms have a responsibility to strongly consider moving in, even if it is at a loss to themselves, to prevent contagion since it would be "good for the ecosystem."

"We want to help those we can in the ecosystem and have no interest in hurting them."

Alameda presented Voyager Digital with a loan of $200 million in USD Coin (USDC) and a "revolving line of credit" of 15,000 Bitcoin (BTC), which at the time was approximately $300 million. In addition, FTX provided BlockFi with a $250 million revolving credit facility.

Entry Into The Canadian Market

FTX announced plans to buy the cryptocurrency exchange Bitvo in July to enter the Canadian market. Before the recent market slump, FTX announced plans to buy the Japan-based Liquid Group and its subsidiaries in February. But in August, authorities targeted FTX.US for illegally misrepresenting deposit insurance in connection with cryptocurrency holdings.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Huobi FTX Sam Bankman-Fried Voyager Digital

FTX Has No Plans To Acquire Majority Stake In Huobi

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.